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Build the
FUTURE through
SUSTAINABLE
POWER.
REPORT AND FINANCIAL STATEMENTS
OF ENEL SPA AT DECEMBER 31, 2024
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Beyond Reports: Enel’s Graphic Journey to a Sustainable Tomorrow
The graphic design of Enel’s 2024 corporate reporting project powerfully reflects our
commitment to building a better future.
The design featured in this publication underscores our strong commitment to translating our
Purpose “Build the future through sustainable power” into concrete actions.
Specifically, we are dedicated to actively shaping a better tomorrow by reducing environmental
impact through clean, innovative, and responsible energy solutions for future generations.
Our visual narrative is crafted to express Enel’s commitment to our long term aim and how we
embody our core values: trust, innovation, flexibility, respect, and proactivity. We build trust
within our teams and with our stakeholders through clear communication and a focus on
our customers. By fostering curiosity and a practical approach, we drive innovation to meet
changing needs and create sustainable solutions. Our ability to adapt enables us to seize new
opportunities in a rapidly changing world, while our respect for individuality and inclusivity
fosters teamwork. Together, we work diligently to achieve results with integrity and responsibility,
shaping a sustainable future.
As a result, every element of our corporate reporting resonates with Enel’s commitment and
core values, creating a narrative designed to inspire others to join us on our journey toward a
sustainable future.
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REPORT AND FINANCIAL
STATEMENTS OF ENEL SPA
AT DECEMBER 31,
2024
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Paolo Scaroni
Chairman
Flavio Cattaneo
Chief Executive Officer
and General Manager
LETTER TO
SHAREHOLDERS
AND OTHER
STAKEHOLDERS
4
REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA Letter to shareholders and other stakeholders
Dear shareholders and stakeholders,
In 2024, Enel continued its path along the strategic
guidelines outlined last year: (i) profitability, flexibility
and resilience, (ii) effectiveness and efficiency, (iii) fi-
nancial and environmental sustainability, achieving a
more solid and balanced financial structure, essential
for long-term growth and value creation.
With a workforce of over 60,000 employees, Enel
confirmed its position as the world’s largest renewa-
ble energy operator
1
, with around 66 GW of managed
capacity, as well as the world’s largest electricity distri-
bution company,
1
serving about 68.5 million end users.
It also has the largest customer base,
1
with over 55
million electricity and gas customers.
1. Group of reference: listed companies not predominantly state-owned.
In line with our strategy, we have defined our purpose
to “Build the future through sustainable power” and
the vision to “Drive electrification, fulfilling people’s
needs and shaping a better world”. We contribute to
decarbonization and lead the electrification process
of final consumption through innovative technologies
and reliable services, while remaining focused on our
core business: the generation, distribution and sale of
energy in a way that is sustainable from a financial, en-
vironmental and social point of view.
Enel has an integrated approach to enable a fair and
inclusive energy transition which puts local commu-
nities, institutions, suppliers, customers, workers and
shareholders at the core of its strategy to create
shared value in the long term, while being strongly
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5
68.5 million
End users
Letter to shareholders and other stakeholders REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
66 GW
Managed capacity
committed to safety and human rights. Furthermore,
we invest in training and refresher programs and pur-
sue the goal of creating sustainable production pro-
cesses, reducing the need for critical raw materials
through innovative solutions and processes, drawing
on the skills of around 7,500 qualified suppliers.
Finally, our commitment to sustainability is strength-
ened by a solid governance model, ensuring trans-
parency, integrity and responsibility in managing cor-
porate activities. The focus on sustainability is also
confirmed by our consistent inclusion in the world’s
main sustainability rankings and indexes.
The macroeconomic environment
The global economy proved resilient in 2024, despite a
volatile environment fueled by persistent geopolitical
uncertainties and the slow normalization of monetary
policies.
The main economies recorded different growth rates:
economic performance remained solid and above ex-
pectations in the United States, mainly supported by
the resilience of consumption and investment growth;
economic activity in the euro area showed a slight im-
provement, although lower than expected due to the
weakness of domestic demand. Finally, post-COV-
ID-19 growth in Latin America took place in a hetero-
geneous macroeconomic environment, also impacted
by political discontinuities in some states. For the most
important economies, including Brazil, public debt, in-
terest rate developments and exchange rate policies
represent key elements for the evolution of macroe-
conomic variables.
During 2024, the European gas market showed high
volatility while uncertainties in supplies together with
the recovery of Asian demand led to a marked increase
in prices in the last quarter, with stocks at non-alarm-
ing levels. At the same time, coal market prices de-
clined, due to lower availability and the growth of
renewable generation, while the price of Brent oil de-
creased slightly due to the increase in US production
and the stability of global supply. The price of CO
2
also
decreased within the Emission Trading System (ETS),
reflecting both lower industrial activity in Europe and
greater use of renewable energy sources.
Lower gas prices in Italy and Spain in the first part of
2024 and higher renewable generation have normal-
ized market developments contributing to a year-on-
year reduction in the price of electricity of 15% and
28%, respectively.
Copper and aluminum prices rose by about 8% year-
on-year, due to both an increase in demand linked to
the energy transition and the global industrial recovery
and supply issues, including social tensions in Chile and
Peru and environmental restrictions in China. On the
other hand, metals most closely linked to renewable
technologies, such as lithium and polysilicon, reached
historic lows in the final months of the year, both re-
flecting increased supply and lower-than-expected
demand, highlighting the market readjusting process.
Performance
Enel’s 2024 financial year ends with solid results and
the achievement of the annual targets communicat-
ed to the market, with ordinary EBITDA at €22.8 bil-
lion and ordinary net profit at €7.1 billion, up 3.8% and
approximately 10% respectively compared to 2023.
The dividend to be proposed to shareholders for 2024
amounts to €0.47 per share, approximately 9% higher
than 2023, in line with the provisions of the 2025-2027
Strategic Plan. Net debt is equal to €55.8 billion, down
7% compared with the previous year, with an improve-
ment in the net debt/EBITDA ratio from 2.7x to 2.4x,
which places Enel at the top of global utilities in terms
of solidity of capital structure and allows us to evaluate
incremental growth opportunities.
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Letter to shareholders and other stakeholders
6
REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
Main events
Enel continues its growth path in energy generation
from renewable sources. In 2024, it built around 4.0
GW of new renewable capacity (of which around 1.3
GW of battery storage), reaching a total installed ca-
pacity of around 66 GW, generating 148 TWh/year.
The focus stays on distribution grids through signif-
icant investments in resilience, quality and digitaliza-
tion, as required by both the energy transition process
and the increasingly frequent weather events linked to
climate change.
Furthermore, to manage emergencies related to ex-
treme weather events, such as those that occurred
during the year in Brazil, Chile and Italy, we have ac-
tivated emergency protocols that ensure an effective
and immediate response, leveraging our international
dimension to promptly mobilize expert resources from
all countries where we are present.
As regards the role of grids in the energy transition,
the distributed renewable capacity connected to our
networks totals 78 GW, coming from about 2.4 million
producers and prosumers,
2
of which 411,520 added in
2024.
In particular, thanks to an investment planning strate-
gy and favorable regulatory schemes, over €3.5 billion
were invested in Italy in 2024, of which approximately
€900 million from the National Recovery and Resil-
ience Plan funds (NRRP), allowing, among other things,
to achieve distributed renewable capacity of 1.43 GW,
higher than the NRRP target of 924 MW.
Finally, the awareness of the importance of invest-
ments in the resilience, modernization and digitaliza-
tion of distribution grids has led Italy to extend exist-
ing electricity distribution services concessions, for a
maximum period of 20 years, against the provision of
extraordinary multi-year investment plans.
3
2024 was a year of changement for the Enel X Global
Retail commercial division: its organizational structure
2. A “prosumer” (a blend word of “producer” and “consumer”) is an individual or a company that not only consumes goods or services, but also
produces them, e.g. by installing photovoltaic panels to generate electricity.
3. Article 1, paragraphs 50-55, of Law 207 of December 30, 2024 (Budget Law 2025).
4. Reduction in new commercial complaints per 10,000 customers.
5. Includes Global Information & Communication Technologies, Global Procurement, Global Real Estate and General Services and Workforce
Evolution.
was renewed and strengthened to address increasing
market competitiveness and better meet customer
needs. The offer of e-mobility business models was
simplified, rationalizing the geographical presence
and confirming Enel as one of the main players in the
sector.
During the year, the division worked to increase and
retain its customer base by defining a portfolio of
innovative solutions (e.g. virtual solar, flexibility) and
bundle offers (commodities, products and services),
including electric vehicle charging in residential, cor-
porate and public areas. The Enel X Global Retail divi-
sion continued to improve the customer experience,
reducing commercial complaints by 8%
4
compared
with the previous year and strengthening its commer-
cial channels.
To support our commercial strategy, we have im-
proved external communication with ads aimed at
strengthening our brand image as a long-standing,
closer-to-customers, reliable and quality company.
Finally, a new governance was introduced at Group
level allowing the commercial strategy to be defined
and shared with the Global Energy and Commodity
Management and Chief Pricing Officer and Enel Green
Power and Thermal Generation divisions, ensuring the
optimization and monitoring of the Groups integrated
margin along the entire value chain.
Enel Global Services
5
continued the Company’s digital
transformation journey, focusing on advanced solu-
tions and technologies, such as Artificial Intelligence,
with a training program aimed at providing all em-
ployees with the tools to navigate the AI opportunities
and risks. At the same time, the Procurement unit has
placed financial and environmental sustainability at the
core of the procurement strategy. Through efficiency
and simplification, it has guaranteed the timely availa-
bility of goods, works and services, ensuring flexibility
and competitive prices.
In line with the Paris Agreement, we continue our de-
carbonization journey, aiming to reach zero emissions
Letter to shareholders and other stakeholders
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Letter to shareholders and other stakeholders
7
REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
in all Scopes by 2040. In 2024, absolute direct and
indirect greenhouse gas emissions along the entire
value chain amounted to approximately 70 MtCO
2eq
,
down by 26% compared with 2023, in line with the
objectives certified by the Science Based Targets in-
itiative (SBTi).
In 2024, we issued bonds for a total of €4.5 billion, in
line with the financial strategy to optimize the cost of
capital needed for the industrial investments of the
2024-2026 Strategic Plan. Of this amount, the equiv-
alent of €3.6 billion were Sustainability-Linked Bonds
placed on the European and US markets, based on
Key Performance Indicators (KPIs) that confirm Enel’s
commitment to the energy transition, in line with the
environmental and financial sustainability pillar of
our strategy; more specifically, the interest rates on
each issue were related to the achievement of both
the Sustainability Performance Targets (SPT) linked to
the “Capex aligned with the EU taxonomy (%)” and the
“Scope 1 GHG emissions Intensity related to Power
Generation (gCO
2eq
/kWh)” .
As regards financing with development banks and ex-
port credit agencies, in 2024 Enel signed loans for a
total of about €1 billion, further diversifying its sources
of financing at lower-than-market prices.
Consistent with the objectives of reducing debt and
strengthening the capital and financial structure, the
divestment plan was completed in 2024 with a view to
portfolio rotation focused on maximizing the assets
value and seizing growth opportunities.
More specifically, disposal transactions include the
completion of the sale in Peru of the distribution and
generation company Enel Distribución Perú SAA, the
advanced energy services company Enel X Perú SAC
and the electricity generation company Enel Gener-
ación Perú SAA, as well as the sale by Enel Italia to Sos-
teneo of a 49% stake in Enel Lybra Flexsys, a company
established by Enel for the implementation and oper-
ation of a portfolio of projects mainly including Battery
Energy Storage Systems (BESS). In Italy, the subsidiary
e-distribuzione finalized the sale of 90% of the share
capital of Duereti Srl, a corporate vehicle benefiting
from the transfer of electricity distribution activities in
a number of municipalities in the provinces of Milan
and Brescia, to A2A SpA.
6. Of the Group core countries (Italy, Spain, Brazil, Chile, Colombia, the United States).
As regards acquisitions, through Endesa Generación,
we signed in Spain the agreement to buy 100% of Cor-
poración Acciona Hidráulica SL, a company of the Ac-
ciona Group owning 34 Spanish hydroelectric plants
with installed capacity of over 600 MW, in order to con-
solidate our leading role in renewables at a global level.
Finally, in line with the strategy on stewardship pre-
sented to the market, Endesa subsidiary Enel Green
Power España finalized the sale to Masdar of a stake
of 49.99% in Enel Green Power España Solar 1 (EGPE
Solar), owner of photovoltaic plants in Spain with to-
tal installed capacity of about 2 GW. Enel will maintain
control of EGPE Solar consolidating the joint venture,
and will purchase 100% of the energy generated by
the photovoltaic plants through long-term Power Pur-
chase Agreements.
Strategy and forecasts for 2025-2027
The Strategic Plan for 2025-2027 confirmed the stra-
tegic pillars of the previous Plan:
profitability, flexibility and resilience, pursuing value
creation through selective capital allocation to opti-
mize the Enel Group’s risk/return profile, while keep-
ing a flexible approach;
effectiveness and efficiency, pursuing the contin-
uous optimization of processes, activities and the
product and services portfolio, strengthening cash
generation and developing innovative solutions to
increase the value of existing assets;
financial and environmental sustainability to main-
tain a solid structure, ensure the flexibility needed
for growth and address the challenges of climate
change.
Gross capex in the three years is set at about €43
billion, allocated to the different geographical areas
based on their contribution to EBITDA.
More specifically, capex in Grids is set at about €26
billion, up by 40% compared with the previous Plan,
to improve the resilience, digitalization and efficiency
of the distribution network. As a result we expect the
Regulated Asset Base (RAB)
6
to reach about €52 billion
in 2027, from about €42 billion in 2024, with the con-
tribution of Grids to the Group ordinary EBIDTA stand-
ing at about 40% in the same year.
Letter to shareholders and other stakeholders
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Letter to shareholders and other stakeholders
8
REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
Capex in Renewables is set at about €12 billion to add
12 GW of capacity in the next three years, to a total of
76 GW of installed renewable capacity in 2027. The in-
vestment strategy provides for: (i) a flexible capital allo-
cation, evaluating both the possibility of building new
plants and the opportunity to acquire assets already
in operation (brownfield), depending on the return on
investment timeframe and the regulatory and market
frameworks of the different countries; (ii) a selective
approach aimed at maximizing returns and minimizing
risks; (iii) improved technologies, with over 70% of new
capacity from onshore wind and programmable tech-
nologies (hydro and batteries).
Capex in the Retail segment is set at about €2.7 bil-
lion, of which 85% in in countries where we have an
integrated presence, offering a portfolio of bundled
solutions with energy, products and services. The cus-
tomer base in the free electricity market in Italy and
Spain is expected to grow to over 19 million in 2027.
As regards environmental sustainability, we intend
to continue with the reduction of direct and indirect
greenhouse gas emissions, in line with the Paris Agree-
ment and the 1.5 °C scenario, as certified by the SBTi.
Cumulative Group ordinary EBITDA over the Plan peri-
od is expected to exceed €70 billion, of which approx-
imately 90% will derive from regulated or contracted
activities, reducing risks and improving visibility on fu-
ture performance and therefore EBITDA quality.
Group ordinary EBITDA is expected to grow to between
€24.1 and €24.5 billion in 2027 – with a Compound Av-
erage Growth Rate (CAGR) of about 7% compared with
€17.3 billion in 2022 – while Group net ordinary income
is expected to increase to between €7.1 and €7.5 bil-
lion, with a CAGR of about 11% compared with €4.3
billion in 2022.
Finally, the net financial debt/EBITDA ratio is expected
to stand at around 2.5x at the end of the Plan period,
remaining below the sector average.
As regards shareholders’ remuneration in the three-
year period, the dividend policy has been revised up-
wards with a new minimum annual fixed DPS of €0.46
and a potential further increase up to a payout of 70%
on the Group net ordinary income. Compared to the
previous dividend policy, the constraint of achieving
cash flow neutrality has also been removed.
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CONTENTS
GUIDE TO NAVIGATING THE REPORT
To facilitate navigation, hyperlinks have been integrated into the document.
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Letter to shareholders
and other stakeholders 4
1. REPORT ON OPERATIONS 13
Enel organizational model 14
Enel shareholders 17
Corporate boards 19
Enel shares 21
Activities of Enel SpA 24
Significant events in 2024 25
Definition of performance
measures 27
Performance and financial
position of Enel SpA 28
Performance of the main
subsidiaries 34
People centricity 38
Research and development 41
Risk management 44
Outlook 47
Other information 49
Incentive system 51
2. CORPORATE GOVERNANCE 55
Report on corporate governance
and ownership structure 56
3. SEPARATE FINANCIAL
STATEMENTS 59
Separate financial statements 60
Notes to the separate financial
statements 67
Declaration of the Chief
Executive Officer and the officer
in charge of financial reporting 160
4. REPORTS 163
Report of the Board of Statutory
Auditors to the Shareholders’
Meeting of Enel SpA 164
Report of the Audit Firm 180
Notice of ordinary
Shareholders’ Meeting 185
Allocation of the annual
net income and distribution
of available reserves 186
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CHAPTER 1
Report on
OPERATIONS
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Enel organizational model
14
REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
Enel organizational model
1. The Head of the Audit Function acts under the supervision of the Chairman of the Board of Directors and officially reports to the Board of
Directors of Enel SpA while continuing to functionally report to the CEO as Director in charge of the Internal Control and Risk Management
System.
The Enel Group structure is organized into a matrix
that comprises:
four Global Business Lines, which are responsible in
all the geographical areas in which the Group oper-
ates for developing, building, operating and main-
taining assets, engaging in trading activities, as well
as developing and managing the portfolio of new
products and services (in addition to commodities);
a Global Service Function, responsible for the inte-
grated management of all Group activities for the
development and governance of digital solutions,
purchasing and insourcing in collaboration with the
People and Organization Function;
two Countries and one Region, which are respon-
sible for driving financial performance, managing
relations with customers, institutions and regulatory
authorities, sales of electricity, gas and new prod-
ucts and services at the country level; providing staff
services and activities to the global business lines
present in the country;
seven Holding Company Staff Functions, which are
focused on policy-making, coordination and strate-
gic control of the entire Group, including one CEO
Office and Strategy, which is responsible for provid-
ing support to the CEO in developing and directing
the Group’s strategic decisions and defining the
Group’s medium/long-term strategic positioning
by developing strategic scenarios that also consider
the effects of climate change.
During 2024, a reorganization process was launched
aimed at overcoming the double reporting matrix
structure, with the aim of simplifying organization-
al complexity and strengthening the presence in the
Countries and Global Business Lines.
This process consisted of targeted measures meant
to increase the organizational integration, in particular
in respect of the External Relations Function and the
Rest of the World Region, focused on the coordination
of geographical areas in which the Group operates,
with the exception of Italy and Iberia.
The reorganization process launched in 2024 did not
alter the configuration of the organizational structure
composed of: four Global Business Lines, one Global
Service Function, two Countries and one Region and
seven Holding Company Staff Functions.
The Holding Company is focused on activities involv-
ing a significant degree of policy-making, coordina-
tion and control for the Group as a whole. Operating
through Administration, Finance and Control, People
and Organization, External Relations, Legal, Corporate,
Regulatory and Antitrust Affairs, Security, Audit
1
and
CEO Office and Strategy Functions, the Holding Com-
pany seeks to:
manage activities with significant value creation po-
tential for the Group;
manage activities aimed at protecting the Group
from events that could have a negative impact on
its financial position, image and business conti-
nuity;
support top management and the Business Lines/
Functions/Region/Countries in key decisions con-
cerning those activities and related strategic con-
trol issues.
The Holding Company exercises its policy-making, co-
ordination and control role essentially through:
direct management: in which it has total or prevalent
responsibility for performing the associated activi-
ties (e.g. finance, M&A, etc.);
indirect management: in which it plays a poli-
cy-making and supervisory role, while execution of
operations is essentially delegated to the Business
Lines/Functions/Region/Countries on the basis of
policies, processes and guidelines.
Each Holding Company Staff Function is responsible
for defining policies, processes, procedures and or-
ganizational structures, within the scope of their re-
mit, for the entire Group.
The following summarizes the main responsibilities at-
tributed to the Holding Company, which are exercised
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Enel organizational model
15
1. Report on Operations 2. Corporate governance 3. Separate financial statements 4. Reports
REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
by the latter in compliance with company law and the
management autonomy of the listed subsidiaries and/
or those subject to functional separation, in force in
the various countries in which we operate.
Administration, Finance and Control
The Administration, Finance and Control Function has
the mission of:
managing the strategic planning, industrial planning,
budgeting and reporting processes for the Group;
monitoring the evolution of the Group’s operating
and financial results, identifying any deviations and
suggesting possible corrective actions;
supporting the Group Investment Committee in
evaluating investment proposals;
conducting M&A operations;
defining the optimal structure of Group capital and
the composition of debt, managing loans, liquidity
and relations with the international banking system,
financial institutions, investors and analysts and
managing financial risk and insurance coverage for
the entire Group;
setting the guidelines and policies for preparing
the financial statements and the Sustainability
Statement of the Group companies and prepar-
ing the financial statements and the Sustainability
Statement of Enel SpA;
preparing an effective and adequate internal control
platform for financial, tax and sustainability informa-
tion for corporate reporting;
ensuring tax compliance for Enel SpA and tax plan-
ning, guidelines and policies for the Group;
monitoring and managing commodity, financial and
strategic risks as well as any other risk that could
potentially affect the Group’s value, with a view to
optimizing or minimizing their impact.
People and Organization
The People and Organization Function has the mission of:
defining organizational arrangements in line with
Group strategies, guiding change management
programs;
managing the functions budget and the long-term
plan at the Group level, defining guidelines and ob-
jectives;
defining the Group’s guidelines for the compensa-
tion and benefit process;
managing industrial and trade union relations;
developing the Group’s technical, professional and
managerial skills in accordance with the needs of
the business, promoting integration across the
business and cultures;
defining the Group’s strategies and guidelines for
managing health, safety, the environment, quality
and security, ensuring their implementation at the
Group level.
External Relations
The External Relations Function has the mission of:
developing and managing the global Enel brand
identity, leveraging the Group’s resources, skills and
operational excellence;
managing relations with global media;
developing and managing internal communication
of local and global content and defining the guide-
lines to be applied at the country level;
managing and optimizing the Groups online com-
munication channels, including the Group’s web-
sites and social network presence;
characterizing, representing and promoting the Enel
Group’s position with institutions, both at an interna-
tional and national level; monitoring legislative devel-
opments and identifying and suggesting regulatory
proposals that favor the interests of the Group.
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Enel organizational model
16
REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
Legal, Corporate, Regulatory
and Antitrust Affairs
The Legal, Corporate, Regulatory and Antitrust Affairs
Function has the mission of:
providing legal assistance and support to the entire
Group, identifying and managing legal issues and
litigation and ensuring the compliance of activities
carried out by Group companies with applicable
laws and regulations;
managing the corporate governance system and
advising on the related issues (including relations
with the financial market regulatory authorities and
managing the corporate bodies and the system of
delegated powers;
characterizing, representing and promoting the Enel
Group’s position on regulatory and antitrust issues,
representing the Group with international organiza-
tions and institutional bodies.
Audit
The Audit Function has the mission of:
systematically and independently assessing the ef-
fectiveness and adequacy of the Enel Group’s inter-
nal control system;
supporting each part of the Group in monitoring
risks and identifying mitigation actions.
Security
The Security Function has the mission of:
developing security strategy and guidelines con-
sistent with risk forecasts, regulations and inter-
national standards, as well as establishing imple-
mentation priorities and objectives at the country
level;
monitoring security risks and threats, including IT
risks, at the Group level and implementing effective
measures to prevent, counter and mitigate any pos-
sible risk or threat to the safety of people, physical
and intangible assets and the continuity of business
operations.
CEO Office and Strategy
The CEO Office and Strategy Function has the mis-
sion of:
supporting the CEO in defining and coordinating
strategic decisions and monitoring the Groups in-
ternal activities in relations with key internal and
external stakeholders in accordance with the CEO’s
guidelines and Group positioning;
defining the Group’s strategy, long-term planning
and strategic objectives, and guiding the related
decision-making processes;
ensuring the alignment of internal stakeholders with
the Group’s strategic positioning, the positioning on
ESG (Environmental, Social and Governance) issues
and the strategy to be implemented in response to
climate change, as well as the related external dis-
closure.
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Enel shareholders
17
1. Report on Operations 2. Corporate governance 3. Separate financial statements 4. Reports
REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
Enel shareholders
At December 31, 2024 the fully subscribed and paid-
up share capital of Enel SpA totaled €10,166,679,946,
represented by the same number of ordinary shares
with a par value of €1.00 each. Share capital is un-
changed compared with that registered at December
31, 2023.
During 2024, the Company has acquired a total of
2,900,000 treasury share to serve the 2024 LTI Plan
for the management of Enel and/or its subsidiaries
pursuant to Article 2359 of the Italian Civil Code. Ac-
cordingly, considering the 10,085,106 treasury shares
already held and taking account of the disbursement
of 905,436 Enel shares to the beneficiaries of the
2020 LTI Plan and 2021 LTI Plan on September 5, 2024,
at December 31, 2024 Enel held a total of 12,079,670
treasury shares.
Significant shareholders
At December 31, 2024, based on the shareholders
register and the notices submitted to CONSOB and
received by the Company pursuant to Article 120 of
Legislative Decree 58 of February 24, 1998, as well
as other available information, shareholders with an
interest of greater than 3% in the Company’s share
capital included the Ministry for the Economy and
Finance (with a 23.585% stake) and BlackRock Inc.
(with a 5.023% stake held for asset management
purposes).
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Enel shareholders
18
REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
Composition of shareholder base
Since 1999, Enel has been listed on the Euronext Milan
market organized and operated by Borsa Italiana SpA.
Enel’s shareholders include leading international in-
vestment funds, insurance companies, pension funds
and ethical funds.
At December 31, 2024, institutional investors held
around 58.6% of the share capital, while retail investors
held around 17.8% (unchanged from December 31,
2023); the stake held by Ministry for the Economy and
Finance was also unchanged, at 23.6% of share capital.
SHAREHOLDER COMPOSITION
AS AT DECEMBER 2024
INSTITUTIONAL INVESTORS
BY GEOGRAPHICAL AREA
The stake of socially responsible investors significantly
increased, to around 23.0% of the share capital at De-
cember 31, 2024 (from around 17.5% at December 31,
2023) and to around 39.2% of institutional investors
(from around 29.8% at December 31, 2023).
Investors who have signed the Principles for Respon-
sible Investment represent around 43.2% of the share
capital (compared with 42.8% at December 31, 2023).
GROWTH IN SOCIALLY RESPONSIBLE INVESTING (SRI)
Ministry for the Economy and Finance
Retail investors
Institutional investors
23.6%
17.8 %
58.6%
%
Rest of Europe
Rest of the world
North America
United Kingdom
Italy
46.2%
10.7%
25.0%
7. 1 %
11.0%
%
8.6
5.9
7.7
8.0
10.3
10.5
11.3
13.7
8.6
10.5
10.8
14.1
14.6 14.6
14.9
17.5
22.9 23.0
30.1
19.1 19.1
19.4
273
245
224
244
160
182
169
150
132
134
252
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
% share capital % float
# investors
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Corporate boards
19
1. Report on Operations 2. Corporate governance 3. Separate financial statements 4. Reports
REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
Corporate boards
CHAIRMAN
Paolo Scaroni
CHIEF EXECUTIVE OFFICER
AND GENERAL MANAGER
Flavio Cattaneo
CHAIRMAN
Barbara Tadolini
AUDITORS
Luigi Borré
Maura Campra
DIRECTORS
Johanna Arbib
Mario Corsi
Olga Cuccurullo
Dario Frigerio
Fiammetta Salmoni
Alessandra Stabilini
Alessandro Zehentner
SECRETARY
Leonardo Bellodi
ALTERNATE AUDITORS
Carolyn A. Dittmeier
Tiziano Onesti
Piera Vitali
BOARD
OF DIRECTORS
BOARD
OF STATUTORY AUDITORS
AUDIT
FIRM
KPMG SpA
Graphics
Corporate boards
20
REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
Powers
Board of Directors
The Board is vested by the bylaws with the broadest
powers for the ordinary and extraordinary manage-
ment of the Company, and specifically has the power
to carry out all the actions it deems advisable to imple-
ment and attain the corporate purpose.
Chairman of the Board of Directors
The Chairman is vested by the bylaws with the powers
to represent the Company and to sign on its behalf,
presides over Shareholders’ Meetings, convenes and
presides over the Board of Directors, and ascertains
that the Board’s resolutions are carried out. Pursuant
to a Board resolution of May 12, 2023, the Chairman
has been vested with a number of additional non-ex-
ecutive powers.
Chief Executive Officer
The Chief Executive Officer is also vested by the by-
laws with the powers to represent the Company and to
sign on its behalf, and in addition is vested by a Board
resolution of May 12, 2023 with all powers for man-
aging the Company, with the exception of those that
are otherwise assigned by law or the bylaws or that the
aforesaid resolution reserves for the Board of Direc-
tors.
Graphics
Enel shares
21
1. Report on Operations 2. Corporate governance 3. Separate financial statements 4. Reports
REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
Enel shares
Enel and the financial markets
2024 2023
Consolidated gross operating profit per share (euro) 2.37 1.99
Consolidated operating profit per share (euro) 1.52 1.07
Group profit per share (euro) 0.69 0.34
Group ordinary profit per share (euro) 0.70 0.64
Dividend per share (euro) 0.47 0.43
Group equity per share (euro) 3.32 3.12
Share price – 12-month high (euro) 7.34 6.73
Share price – 12-month low (euro) 5.70 5.17
Average share price in December (euro) 6.91 6.63
Market capitalization (millions of euro)
(1)
70,230 67,369
Number of shares at December 31 (millions)
(2)
10,167 10,167
(1) Calculated on average share price in December.
(2) It includes 12,079,670 and 9,262,330 treasury shares in 2024 and 2023, respectively.
at Dec. 31, 2024 at Dec. 31, 2023
Rating
Standard & Poor’s Outlook STABLE STABLE
Medium/long-term BBB BBB
Short-term A-2 A-2
Moody’s Outlook STABLE NEGATIVE
Medium/long-term Baa1 Baa1
Short-term - -
Fitch Outlook STABLE STABLE
Medium/long-term BBB+ BBB+
Short-term F2 F2
The main European stock indices – after a 2023 char-
acterized by a general positive trend – closed 2024 on
the rise: FTSE-MIB +12.6%, Ibex35 +14.8%, DAX +18.8%,
with the exception of CAC40 (-2.2%).
The euro area utilities index (EURO STOXX Utilities)
closed the year with a decline of 3.1%.
Finally, as regards the Enel stock, 2024 ended with a
price of €6.89 per share, a slight rise (+2.3%) on the
previous year, in contrast to the European sectoral in-
dex.
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Enel shares
22
REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
PERFORMANCE OF ENEL SHARE PRICE AND THE EURO STOXX UTILITIES
AND FTSE-MIB INDICES FROM JANUARY 1, 2024 TO DECEMBER 31, 2024
Source: Bloomberg.
On January 24, 2024 Enel paid an interim dividend of
€0.215 per share from 2023 profits and on July 24,
2024 it paid the balance of the dividend for that year
in the amount of €0.215. Total dividends distributed in
2024 amounted to €0.43 per share, 7.5% higher than
the €0.40 per share distributed in 2023.
On January 22, 2025 an interim dividend of €0.215 per
share was paid in respect of ordinary profit for 2024,
while the balance of the dividend is scheduled for pay-
ment on July 23, 2025.
ESG analysts and rating agencies use different
methodologies to continuously monitor Enel’s per-
formance in terms of sustainability, in relation to
environmental, social and governance aspects. ESG
ratings are also strategic tools for investors (active
and passive), supporting them in the evaluation of
sustainable business models, the identification of
risks and opportunities related to sustainability and
consequently the development of sustainable invest-
ment strategies.
Enel is committed to managing and constantly report-
ing all ESG aspects and considers the assessments
of ESG rating agencies as an important opportunity
to improve its sustainability performance and identify
specific action plans, involving the various units and
business lines of the Group.
Main ESG ratings
RATING RANKING SECTOR AVERAGE
SCALE
(LOW | HIGH)
MSCI AA (Leadership band) Top 35%
utility
BBB CCC | AAA
Sustainalytics ESG Risk Rating 21.6
(Medium risk)
26/237
electric utility
31.8 100 | 0
S&P ESG Scores 78 16/267
electric utility
37 0 | 100
CDP A (climate)
A- (water)
- - D- | A
Enel
FTSE-MIB
EURO STOXX Utilities
80
85
90
95
100
105
110
115
120
1-Jan-24 1-Feb-24 1-Mar-24 1-Apr-24 1-May-24 1-Jun-24 1-Jul-24 1-Aug-24 1-Sep-24 1-Oct-24 1-Nov-24
1-Dec-24
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Enel shares
23
1. Report on Operations 2. Corporate governance 3. Separate financial statements 4. Reports
REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
For further information we invite you to visit the Inves-
tor Relations section of our corporate website (https://
www.enel.com/it.html), which contains both economic
and financial information (annual reports, semi-annu-
al and quarterly reports, presentations to the finan-
cial community, analyst estimates and stock market
trading trends involving the shares issued by Enel and
its main listed subsidiaries, ratings and outlooks as-
signed by rating agencies) and up-to-date data and
documentation of interest to shareholders and bond-
holders in general (price sensitive press releases, out-
standing bonds, bond issue programs, composition
of Enel’s corporate bodies, bylaws and regulations of
Shareholders’ Meetings, information and documen-
tation relating to Shareholders’ Meetings, procedures
and other documentation concerning corporate gov-
ernance, the Code of Ethics and organizational and
management arrangements).
We have also created contact centers for private
investors (which can be reached by phone at +39-
0683054000 or by e-mail at azionisti.retail@enel.
com) and for institutional investors (phone: +39-
0683057975; e-mail: investor.relations@enel.com).
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Activities of Enel SpA
24
REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
Activities of Enel SpA
Enel SpA, in its capacity as an industrial holding com-
pany, determines strategic objectives for the Group
and the subsidiaries, coordinating their activity. The
activities that Enel SpA performs as part of its poli-
cy-making and coordination function in respect of the
other Group companies, as reflected in the organiza-
tional structure adopted by the Company, are attrib-
utable to the Holding Company Staff Functions, con-
nected with the coordination of governance processes
at the Group level, and can be summarized as follows:
Administration, Finance and Control;
People and Organization;
External Relations;
Legal, Corporate, Regulatory and Antitrust Affairs;
Audit;
Security;
CEO Office and Strategy.
Enel SpA meets the Group’s liquidity requirements,
mainly using the cash flows generated by ordinary op-
erations and a range of funding sources, appropriately
managing any excess liquidity.
Graphics
Significant events in 2024
25
1. Report on Operations 2. Corporate governance 3. Separate financial statements 4. Reports
REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
Significant events in 2024
The most significant events in 2024 involving the Company and the direct subsidiaries are summarized below.
Enel issues a dual-tranche €1.75 billion
sustainability-linked bond in the Eurobond market
On January 16, 2024, Enel Finance International NV, a
finance company controlled by Enel SpA, issued a du-
al-tranche sustainability-linked bond for institutional
investors in the Eurobond market in the total amount
of €1.75 billion. The issue, guaranteed by Enel, envis-
ages the use of two sustainability Key Performance
Indicators for each tranche, illustrated in the Sustain-
ability-Linked Financing Framework, last updated in
January 2024.
The issue is structured in the following two tranches:
€750 million at a fixed rate of 3.375%, with settle-
ment date set on January 23, 2024, maturing July 23,
2028;
€1,000 million at a fixed rate of 3.875%, with settle-
ment date set on January 23, 2024, maturing January
23, 2035.
Enel issues a new €900 million perpetual hybrid bond
with coupon at 4.75%
On February 20, 2024, Enel SpA issued a non-con-
vertible, subordinated perpetual hybrid bond for
institutional investors on the European market,
denominated in euros, with an aggregate principal
amount of €900 million. The transaction refinanced
the €900 million equity-accounted perpetual hy-
brid bond with first call date in February 2025 and
a 3.500% coupon. The single-tranche €900 million
bond has no fixed maturity, and is due and payable
only in the event of the winding up or liquidation of
the Company. An annual fixed coupon of 4.75% will
be paid until (but excluding) the first reset date of
May 27, 2029, which is the last day for the first op-
tional redemption.
Enel successfully places a multi-tranche $2 billion
sustainability-linked bond with an average cost of about
4%, in line with the funding cost on the European market
On June 19, 2024 Enel Finance International NV
launched a multi-tranche sustainability-linked bond
for institutional investors in the US and international
markets for a total aggregate amount of $2 billion,
equivalent to about €1.9 billion.
The issue, guaranteed by Enel, is linked to the achieve-
ment of Enel’s sustainable objective relating to the re-
duction of Scope 1 GHG emissions Intensity relating
to Power Generation, which contributes to the United
Nations Sustainable Development Goal 13 (“Climate
Action”) and is in compliance with the Group’s Sustain-
ability-Linked Financing Framework.
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Significant events in 2024
26
REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
Enel finalizes the partnership with Sosteneo to develop
battery energy storage systems and open-cycle plant
projects, aimed at regulated capacity services
On June 26, 2024 Enel Italia SpA, a subsidiary of Enel
SpA, finalized the sale to Sosteneo Energy Transition
1, for a consideration of €1,094 million, of the minority
stake equal to 49% of the share capital held in Enel
Libra Flexsys Srl, a company established for the im-
plementation and operation of a portfolio of projects
aimed at regulated capacity services, specifically:
23 Battery Energy Storage Systems (BESS) with a to-
tal capacity of 1.7 GW;
3 renovation projects for Open Cycle Gas Turbine
(OCGT) plants with a total capacity of 0.9 GW.
The transaction is in line with the Partnership business
model outlined in the 2024-2026 Strategic Plan of the
Enel Group and is aimed at retaining control on strate-
gic assets and maximizing productivity and return on
invested capital.
Enel launches a sustainability-linked share buyback
program serving its Long-Term Incentive Plan 2024
On July 25, 2024, the Board of Directors of Enel SpA,
implementing the authorization granted by the Share-
holders’ Meeting of May 23, 2024 and in compliance
with the relevant terms previously disclosed to the
market, approved the launch of a share buyback pro-
gram for a total of 2.9 million shares, equal to approx-
imately 0.029% of Enel’s share capital. The program,
which ran from September 16, 2024 to November 8,
2024, was designed to serve the Long-Term Incentive
Plan 2024 for the management of Enel and/or of its
subsidiaries pursuant to Article 2359 of the Italian Civil
Code (2024 LTI Plan), which was also approved by the
Shareholders’ Meeting on May 23, 2024. As part of the
program, Enel purchased a total of 2,900,000 treasury
shares at the weighted average price of €7.0210 per
share, for a total of about €20 million.
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Definition of performance measures
27
1. Report on Operations 2. Corporate governance 3. Separate financial statements 4. Reports
REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
Definition of performance
measures
In order to present the results of the Company and
analyze its financial structure, Enel has prepared sep-
arate reclassified schedules that differ from those
envisaged under the IFRS-EU adopted by Enel SpA
and presented in the separate financial statements.
These reclassified schedules contain different perfor-
mance measures from those obtained directly from
the separate financial statements, in line with the
ESMA Guidelines on Alternative Performance Meas-
ures (ESMA/2015/1415) published on October 5, 2015.
Management feels are useful in monitoring the perfor-
mance of the Parent and representative of the finan-
cial performance of the business.
As regards those measures, on April 29, 2021 CON-
SOB issued warning notice no. 5/2021 which gives
force to the Guidelines issued on March 4, 2021 by
the European Securities and Markets Authority (ESMA)
concerning disclosure requirements under Regulation
(EU) 2017/1129 (the Prospectus Regulation), which took
effect on May 5, 2021 and replace the references to
the CESR Recommendations and those contained in
Communication no. DEM/6064293 of July 28, 2006
regarding the net financial position.
These Guidelines update the previous CESR Recom-
mendation (ESMA/2013/319, in the revised version of
March 20, 2013) with the exception of those concern-
ing the special issuers referred to in Annex no. 29 of
Delegated Regulation (EU) 2019/980, which were not
converted into Guidelines and remain applicable.
They are intended to promote the usefulness and
transparency of alternative performance measures in-
cluded in regulated information or prospectuses with-
in the scope of application of Directive 2003/71/EC
in order to improve their comparability, reliability and
comprehensibility.
Accordingly, in line with the regulations cited above,
the criteria used to construct these measures are as
follows.
Gross operating profit: an operating performance in-
dicator, calculated as the sum of “Operating profit”,
“Depreciation, amortization and impairment” and “Net
impairment/(reversal of impairment) of trade receiva-
bles and other receivables”.
Net non-current assets: calculated as the difference
between “Non-current assets” and “Non-current lia-
bilities” with the exception of:
“Deferred tax assets”;
Other financial assets” included in “Other non-cur-
rent financial assets”;
“Long-term borrowings”;
“Employee benefits”;
“Provisions for risks and charges (non-current portion)”;
“Deferred tax liabilities”.
Net working capital: calculated as the difference be-
tween “Current assets” and “Current liabilities” with
the exception of:
“Long-term loan assets (current portion)”, “Cash col-
lateral” and “Other financial assets” included in “Oth-
er current financial assets”;
Cash and cash equivalents”;
“Short-term borrowings” and the “Current portion of
long-term borrowings”;
“Provisions for risks and charges (current portion)”;
Other borrowings” included in “Other current liabil-
ities”.
Gross capital employed: calculated as the algebraic
sum of “Net non-current assets” and “Net working cap-
ital”, “Deferred tax liabilities” and “Deferred tax assets”.
Net capital employed: calculated as the algebraic sum
of “Gross capital employed”, “Provisions for risks and
charges” and “Employee benefits”.
Net financial debt: a financial structure indicator, cal-
culated as:
“Long-term borrowings” and “Short-term borrow-
ings and the current portion of long-term borrow-
ings”, taking account of “Short-term borrowings”
included in “Other current liabilities”;
net of “Cash and cash equivalents”;
net of the “Current portion of long-term loan as-
sets”, “Cash collateral” and “Other financial assets”
included in “Other current financial assets”;
net of “Other financial assets” included in “Other
non-current financial assets”.
Graphics
Performance and financial position of Enel SpA
28
REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
Performance and financial
position of Enel SpA
Performance
The financial performance of Enel SpA for the year 2024 is summarized in the table below.
Millions of euro 2024 2023 Change
Revenue
Revenue from sales and services 110 107 3
Other income 11 56 (45)
Total 121 163 (42)
Costs
Purchases of consumables - - -
Services, leases and rentals 177 202 (25)
Personnel expenses 146 135 11
Other operating costs 14 47 (33)
Total 337 384 (47)
Gross operating profit/(loss) (216) (221) 5
Depreciation, amortization and impairment losses 3,585 719 2,866
Operating profit/(loss) (3,801) (940) (2,861)
Net financial income/(expense) and profit/(expense)
from equity investments
Income from equity investments 6,563 4,269 2,294
Financial income 1,098 1,388 (290)
Financial expense 1,406 1,821 (415)
Total 6,255 3,836 2,419
Pre-tax profit/(loss) 2,454 2,896 (442)
Income taxes (144) (136) (8)
PROFIT FOR THE YEAR 2,598 3,032 (434)
Revenue from sales and services regards revenue for
management services, IT assistance and other servic-
es provided to subsidiaries.
The increase of €3 million is attributable to the in-
crease in revenue from management services (€11
million), partly offset by the decrease in revenue for IT
services (€7 million) and other services (€1 million).
Other income essentially includes the increase charge-
back of costs for Enel SpA personnel seconded to
other Group companies, the Fondazione Centro
Studi Enel and Enel Cuore Onlus, for a total €10
million.
In 2023 the item included the €43 million capital gain
from the sale of the investment in the joint venture
Rusenergosbyt LLC.
Costs for services, leases and rentals regard services
provided by third parties in the amount of €56 million
and by Group companies in the amount of €121 million.
Third-party services mainly include costs for advertis-
ing and sponsorship and professional and technical
services, as well as IT services.
The charges for services provided by Group compa-
nies essentially refer to the subsidiaries Enel Global
Services Srl and Enel Italia SpA and concern IT assis-
tance services, management services and other ser-
vices.
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Performance and financial position of Enel SpA
29
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REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
Personnel expenses totaled €146 million, an increase
of €11 million compared with 2023, mainly attributable
to the increase in the average workforce and head-
count of employees at December 31, 2024.
Other operating costs amounted to €14 million, a de-
crease of €33 million.
In 2023 the item mainly included the waiver of re-
ceivables of the Company and other Group com-
panies in respect of Enel Generación Costanera SA
under the Termination Intercompany Agreement
signed as part of the agreements for the sale of
our assets in Argentina (€21 million) and uncollect-
ed receivables due from Rusenergosbyt LLC (€11
million).
The gross operating loss of €216 million reflects a de-
crease of €5 million compared with 2023, attributa-
ble to the decrease in other operating expenses and
costs for services, leases and rentals, partly offset by
the decrease in revenue and the increase in personnel
expenses.
Depreciation, amortization and impairment losses
amounted to €3,585 million, an increase of €2,886 mil-
lion compared with 2023.
Depreciation and amortization amounted to €88 mil-
lion, of which €5 million in depreciation and €83 mil-
lion in amortization.
Impairment losses include the adjustment in the val-
ue of the investments in the subsidiary Enel Holding
Finance Srl in the amount of €2,587 million and Enel
Finance International NV in the amount of €862 mil-
lion, as resulting from the impairment test carried out
following the partial distribution of available capital re-
serves.
The item also includes the value of the investments in
the subsidiary Enel Reinsurance - Compagnia di riassi-
curazione SpA in the amount of €47 million.
It also included the impairment losses and reversals of
impairment on trade receivables and other receivables
totaling €1 million.
The operating loss came to €3,801 million, a deteri-
oration of €2,861 million, due to higher impairment
losses on equity investments.
Income from equity investments amounted to €6,563
million and included dividends approved by subsidiar-
ies and associates.
Compared with 2023, it increased by €2,294 mil-
lion, mainly reflecting the distribution of available
reserves by Enel Holding Finance Srl (€3,225 million)
and Enel Finance International NV (€1,075 million),
dividend distribution by Enel Global Trading SpA
(€1,103 million) and a decrease in dividend from Enel
Iberia SRLU (€1,040 million). Moreover, Enel Italia
SpA and Enel Grids Srl did not distribute dividends
in 2024.
Net financial expense came to €308 million and essen-
tially reflects interest expense on debt (€879 million),
partly offset by interest income on financial assets
(€348 million), other commission income on guaran-
tees issued for other Group companies (€186 million)
and net financial income on derivative contracts (€96
million).
Compared with the previous year, net financial ex-
pense decreased by €125 million, mainly as the result
of the increase in interest income on short-term finan-
cial assets (€113 million), lower financial expense on
bonds (€100 million), lower commission on guarantees
issued by third parties (€51 million) and the increase in
net financial income on derivative contracts (€58 mil-
lion), partly offset by the negative impact of exchange
rate developments (€50 million) and the increase in in-
terest expense on other borrowings, mainly in respect
of Group companies (€145 million).
Income taxes for the year showed a creditor position
of €144 million, mainly as a result of the reduction in
the tax base for corporate income tax (IRES) compared
with pre-tax profit due to the exclusion of 95% of the
dividends received from the subsidiaries and the de-
ductibility of Enel SpAs interest expense for the Group
under the consolidate taxation mechanism in accord-
ance with corporate income tax law (Article 96 of the
Consolidated Income Tax Code).
Profit for the year totaled €2,598 million, compared
with €3,032 million in 2023. The decrease of €434
million is essentially attributable to higher impairment
adjustments from equity investments, partly offset by
the increase in income from equity investments, as
commented earlier.
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Performance and financial position of Enel SpA
30
REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
Analysis of financial position
Millions of euro at Dec. 31, 2024 at Dec. 31, 2023 Change
Net non-current assets:
- property, plant and equipment and intangible assets 87 140 (53)
- equity investments 58,478 60,917 (2,439)
- net other non-current assets/(liabilities) (351) (300) (51)
Total 58,214 60,757 (2,543)
Net working capital:
- trade receivables 197 167 30
- net other current assets/(liabilities) (2,259) (2,705) 446
- trade payables (132) (135) 3
Total (2,194) (2,673) 479
Gross capital employed 56,020 58,084 (2,064)
Provisions:
- employee benefits (112) (121) 9
- provisions for risks and charges and net deferred taxes 49 33 16
Total (63) (88) 25
Net capital employed 55,957 57,996 (2,039)
Total equity 36,386 37,883 (1,497)
NET FINANCIAL DEBT 19,571 20,113 (542)
The decrease in net non-current assets reflected:
€2,439 million from the decrease in the value of the
investments in subsidiaries, which was basically at-
tributable to the following transactions:
the value adjustment of the equity investment in
Enel Finance International NV of €862 million, as a
result of the impairment test carried out following
the partial distribution of available capital reserves
for a total amount of €4,300 million in favor of its
shareholders, Enel SpA and Enel Holding Finance
Srl, in proportion to the shares held;
the value adjustment of the equity investment in
the subsidiary Enel Holding Finance Srl of €2,587
million, as a result of the impairment test carried
out following the partial distribution of available
capital reserves in favor of Enel SpA for an amount
of €3,225 million;
the value adjustment of the equity investment in
the subsidiary Enel Reinsurance - Compagnia di
riassicurazione SpA (€47 million);
capital contributions of €1,050 million to the
subsidiary Enel North America Inc. (equivalent to
$1,100 million) on December 12, 2024 in order
to optimize the company’s financial structure by
maximizing the positive impact of liability man-
agement operations;
€53 million from changes in property, plant and
equipment and intangible assets, reflecting the net
negative balance between depreciation/amortiza-
tion and capital expenditure during the year;
€51 million from an increase in net other non-cur-
rent assets/(liabilities), which essentially reflected:
a decrease in non-current derivative assets (€82
million) and in non-current derivative liabilities
(€39 million);
a decrease in other non-current assets (€5 mil-
lion) and other non-current financial assets (€6
million).
Net working capital, a negative €2,194 million, in-
creased by €479 million compared with December
31, 2023 due to:
€446 million for the negative balance of net other
current assets/(liabilities) as a result of:
a decrease in other current liabilities (€889 mil-
lion), mainly due to the decrease in tax liabilities
for IRES (corporate income tax) (€677 million),
payables to Group companies in respect of the
Italian IRES tax consolidation mechanism (€119
million) and payables to Group companies deriv-
ing from the VAT Group (€157 million);
a decrease in other current assets (€400 million),
due to a decrease in receivables from Group
companies in respect of the Italian IRES tax con-
Graphics
Performance and financial position of Enel SpA
31
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REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
solidation mechanism (€613 million) and in VAT
receivables from tax authorities (€11 million),
partly offset by higher receivables from Group
companies in respect of dividends (€218 million);
the increase in the value of current derivative
assets (€31 million) and the decrease in current
derivative liabilities (€4 million);
€30 million the increase in trade receivables, of
which €29 million from Group companies;
€3 million the decrease in trade payables.
Payables to Group companies decreased by €6 mil-
lion, while payables to third parties increased by €3
million.
Net capital employed at December 31, 2024 came to
€55,957 million and was funded by equity of €36,386
million and net financial debt of €19,571 million.
Equity amounted to €36,386 million, down €1,497
on 2023. The decrease is mainly attributable to net
profit in the amount of €2,536 million; the distri-
bution of the dividend for 2023 in the amount of
€0.215 per share (for a total of €2,186 million), as
approved by the shareholders on May 23, 2024, and
the interim dividend for 2024 approved by the Board
of Directors on November 6, 2024 and paid as from
January 22, 2025 (€0.215 per share for a total €2,186
million); the net change in perpetual hybrid bonds
in the amount of €592 million; the payment of cou-
pons to holders of perpetual hybrid bonds for a total
€246 million.
Net financial debt amounted to €19,571 million at the
end of the year, with a debt-to-equity ratio of 53.78%
(53.09% at the end of 2023).
Graphics
Performance and financial position of Enel SpA
32
REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
Analysis of the financial structure
Millions of euro at Dec. 31, 2024 at Dec. 31, 2023 Change
Long-term debt:
- bank borrowings 1,000 1,316 (316)
- bonds 2,201 2,265 (64)
- other lease financing 2 - 2
- loans from subsidiaries 14,142 14, 274 (132)
Long-term debt 17,345 17,855 (510)
Long-term loan assets from third parties (3) (3) -
Net long-term debt 17,342 17, 8 52 (510)
Short-term debt/(liquidity):
- current portion of long-term loans 567 1,179 (612)
- short-term bank borrowings - 1 (1)
- short-term debt payable to Group companies 3,000 4,500 (1,500)
- cash collateral received 104 169 (65)
Short-term debt 3,671 5,849 (2,178)
- short-term loans granted to Group companies - (6) 6
- other short-term financial receivables (5) (5) -
- cash collateral paid (461) (482) 21
- net short-term financial position with Group companies 1,145 (1,973) 3,118
- cash and cash equivalents with banks and short-term
securities
(2,121) (1,122) (999)
Net short-term debt/(liquidity) 2,229 2,261 (32)
NET FINANCIAL DEBT 19,571 20,113 (542)
Net financial debt amounted to €19,571 million, down
€542 million compared with 2023, as a result of the
decrease in net long-term debt of €510 million and
net short-term debt of €32 million.
The main financial transactions in 2024 causing the
decrease in net financial debt were:
the repayment of a long-term bank loan of €200
million, maturing in May 2024;
the repayment of a €750 million bond maturing in
May 2024;
the repayment of the maturing portion of an INA As-
sitalia bond in the total amount of €97 million;
the repayment to the subsidiary Enel Finance Inter-
national NV of a short-term revolving credit line, ma-
turing in July 2024, in the amount of €4,500 million
and partial repayments of other loans totaling €132
million;
the signing of a new short-time revolving credit line
with Enel Finance International NV, used for €3,000
million;
an increase in the net financial exposure on ac-
counts held with Group companies, reflecting trans-
actions totaling €3,118 million;
the combined effect of an increase in cash collateral
of €65 million received and an increase in cash col-
lateral paid of €21 million (net amount €44 million),
both reflecting lower exposure of the underlying
contracts;
the repayment by Enel Global Trading SpA of €6 mil-
lion on a credit line granted in 2022.
Cash and cash equivalents with banks and short-term
securities amounted to €2,121 million, an increase of
€999 million on December 31, 2023, mainly reflecting
the increase in dividends received from Group com-
panies during the year.
Please see the section “Cash flows” for more details.
Graphics
Performance and financial position of Enel SpA
33
1. Report on Operations 2. Corporate governance 3. Separate financial statements 4. Reports
REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
Cash flows
Millions of euro 2024 2023 Change
Cash and cash equivalents at the beginning of the year 1,122 4,868 (3,746)
Cash flows from operating activities 5,690 4,277 1,413
Cash flows from investing activities (1,085) (1,007) (78)
Cash flows from financing activities (3,606) (7,016) 3,410
Cash and cash equivalents at the end of the year 2,121 1,122 999
Cash flows from operating activities in 2024 were a
positive €5,690 million (€4,277 million at December
31, 2023), an increase of €1,413 million on 2023 mainly
attributable to an increase in dividends received from
subsidiaries and a decrease in cash requirements
connected with the change in net working capital,
partly offset by an increase in IRES balancing and on
account payments for Group companies participating
in the consolidated taxation mechanism.
Investing activities absorbed cash flows of €1,085
million, an increase of €78 million mainly reflecting
the capital contribution to the subsidiary Enel North
America Inc. (€1,050 million).
During the year, financing activities absorbed cash
flows of €3,606 million mainly reflecting the payment
of dividends (€4,367 million), the repayment of long-
term borrowings (€1,180 million) and of a revolving
credit line with Enel Finance International BV (€4,500
million), as well as the payment of coupons to holders
of perpetual hybrid bonds (€246 million). These pay-
ments were partly offset by the net increase in perpet-
ual hybrid bonds (€592 million), the use of a new credit
line signed with Enel Finance International BV (€3,000
million) and the net increase of long-term and short-
term financial borrowings (€3,119 million).
The cash requirements of financing and investing ac-
tivities were funded by the cash flows generated by
operating activities in the amount of €5,690 million,
which determined cash and cash equivalent at the end
of the year of €2,121 million.
Graphics
Performance of the main subsidiaries
34
REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
Performance
of the main subsidiaries
Millions of euro
Financial
statements Non-current assets Current assets Total assets Non-current liabilities Current liabilities Equity Total equity and liabilities
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023
Endesa SA Consolidated 28,232 28,825 9,113 12,458 37,34 5 41,283 19,322 19,504 8,970 14,575 9,053 7,204 37,3 4 5 41,283
Enel Américas SA Consolidated 23,240 24,021 7, 165 9,342 30,405 33,363 7,6 89 9,149 6,871 8,806 15,845 15,408 30,405 33,363
Enel Chile SA Consolidated 10,182 9,507 2,169 2,760 12,351 12,267 5,001 4,133 2,178 3,199 5,172 4,935 12,351 12,267
Enel Italia SpA Consolidated 43,659 41,345 12,127 15,739 55,786 57,084 27,542 27, 239 18,690 25,391 9,554 4,454 55,786 57,084
Enel North
America Inc.
Consolidated 14,063 13,118 952 1,441 15,015 14,559 5,479 6,422 1,867 1,986 7,6 6 9 6,151 15,015 14,559
Enel Finance
International NV
Separate 41,274 42,663 10,373 13,648 51,647 56,311 37,732 37,823 8,232 8,275 5,683 10,213 51,647 56,311
Enel Grids Srl Separate 94 98 283 297 377 395 17 24 312 326 48 45 377 395
Enel Global
Services Srl
Separate 142 123 461 459 603 582 26 28 525 503 52 51 603 582
Enel Global Trading
SpA
Separate 222 341 7,701 14,024 7, 92 3 14,365 110 625 6,019 11,602 1,794 2,138 7, 9 2 3 14,365
Enel Green
Power SpA
Separate 1,775 1,855 587 873 2,362 2,728 1,505 1,647 499 414 358 667 2,362 2,728
Enel Holding
Finance Srl
Separate 5,287 7,872 1 2 5,288 7, 874 - - 3 - 5,285 7,874 5,288 7,874
Enel Iberia SRLU Separate 26,304 26,287 1,253 1,121 27,557 27,408 2,354 2,706 1,140 1,041 24,063 23,661 27,557 27,408
Enel Innovation
Hubs Srl
Separate - - 10 11 10 11 - - 2 3 8 8 10 11
Enel Investment
Holding BV
Separate 3 1 4 5 7 6 2 - 1 1 4 5 7 6
Enel X Srl Separate 917 994 185 172 1,102 1,166 110 112 1,044 948 (52) 106 1,102 1,166
Enel X Way Srl Separate 571 570 57 74 628 644 81 81 353 256 194 307 628 644
Enelpower Srl Separate 1 1 35 37 36 38 1 1 8 8 27 29 36 38
Enel Reinsurance -
Compagnia di
riassicurazione
SpA
(1)
Separate 582 554 852 548 1,434 1,102 738 376 141 156 555 570 1,434 1,102
(1) The company incorporated Enel Insurance NV on January 1, 2024. For comparative purposes, the figure at December 31, 2023 reflects a
pro-forma of the merger.
Graphics
Performance of the main subsidiaries
35
1. Report on Operations 2. Corporate governance 3. Separate financial statements 4. Reports
REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
Performance
of the main subsidiaries
Millions of euro
Financial
statements Non-current assets Current assets Total assets Non-current liabilities Current liabilities Equity Total equity and liabilities
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023
Endesa SA Consolidated 28,232 28,825 9,113 12,458 37,34 5 41,283 19,322 19,504 8,970 14,575 9,053 7,204 37,3 4 5 41,283
Enel Américas SA Consolidated 23,240 24,021 7, 165 9,342 30,405 33,363 7,6 89 9,149 6,871 8,806 15,845 15,408 30,405 33,363
Enel Chile SA Consolidated 10,182 9,507 2,169 2,760 12,351 12,267 5,001 4,133 2,178 3,199 5,172 4,935 12,351 12,267
Enel Italia SpA Consolidated 43,659 41,345 12,127 15,739 55,786 57,084 27,542 27, 239 18,690 25,391 9,554 4,454 55,786 57,084
Enel North
America Inc.
Consolidated 14,063 13,118 952 1,441 15,015 14,559 5,479 6,422 1,867 1,986 7,6 6 9 6,151 15,015 14,559
Enel Finance
International NV
Separate 41,274 42,663 10,373 13,648 51,647 56,311 37,732 37,823 8,232 8,275 5,683 10,213 51,647 56,311
Enel Grids Srl Separate 94 98 283 297 377 395 17 24 312 326 48 45 377 395
Enel Global
Services Srl
Separate 142 123 461 459 603 582 26 28 525 503 52 51 603 582
Enel Global Trading
SpA
Separate 222 341 7,701 14,024 7, 92 3 14,365 110 625 6,019 11,602 1,794 2,138 7, 9 2 3 14,365
Enel Green
Power SpA
Separate 1,775 1,855 587 873 2,362 2,728 1,505 1,647 499 414 358 667 2,362 2,728
Enel Holding
Finance Srl
Separate 5,287 7,872 1 2 5,288 7, 874 - - 3 - 5,285 7,874 5,288 7,874
Enel Iberia SRLU Separate 26,304 26,287 1,253 1,121 27,557 27,408 2,354 2,706 1,140 1,041 24,063 23,661 27,557 27,408
Enel Innovation
Hubs Srl
Separate - - 10 11 10 11 - - 2 3 8 8 10 11
Enel Investment
Holding BV
Separate 3 1 4 5 7 6 2 - 1 1 4 5 7 6
Enel X Srl Separate 917 994 185 172 1,102 1,166 110 112 1,044 948 (52) 106 1,102 1,166
Enel X Way Srl Separate 571 570 57 74 628 644 81 81 353 256 194 307 628 644
Enelpower Srl Separate 1 1 35 37 36 38 1 1 8 8 27 29 36 38
Enel Reinsurance -
Compagnia di
riassicurazione
SpA
(1)
Separate 582 554 852 548 1,434 1,102 738 376 141 156 555 570 1,434 1,102
(1) The company incorporated Enel Insurance NV on January 1, 2024. For comparative purposes, the figure at December 31, 2023 reflects a
pro-forma of the merger.
Graphics
Performance of the main subsidiaries
36
REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
Millions of euro
Financial
statements Revenue Costs
Gross operating
profit/(loss)
Amortization, depreciation
and impairment losses
Operating
profit/(loss)
Net financial income/(expense)
and profit/(expense)
from equity investments Pre-tax profit/(loss) Income taxes
Profit/(Loss)
for the year
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023
Endesa SA Consolidated 21,307 25,459 16,014 21,682 5,293 3,777 2,222 2,132 3,071 1,645 (482) (580) 2,589 1,065 696 303 1,893 762
Enel
Américas SA
(1)
Consolidated 12,850 11,919 9,398 8,452 3,452 3,467 1 ,417 1,259 2,035 2,208 (822) (867) 1,213 1,341 317 622 2,645 1,084
Enel Chile SA Consolidated 3,905 4,823 3,199 3,679 706 1,144 341 299 365 845 (144) 154 221 999 34 250 187 749
Enel Italia SpA Consolidated 38,135 46,259 27,6 17 37,063 10,518 9,196 3,302 3,094 7, 2 16 6,102 (1,658) (1,355) 5,558 4,747 1,591 1,581 3,967 3,166
Enel North
America Inc.
Consolidated 2,157 1,887 1,027 1,241 1,130 646 536 1,810 594 (1,164) (355) (327) 239 (1,491) 74 (360) 165 (1,131)
Enel Finance
International
NV
Separate 2,338 2,284 1,872 1,778 466 506 - - 466 506 - (16) 466 490 131 140 335 350
Enel Grids Srl Separate 364 397 367 404 (3) (7) 1 1 (4) (8) (8) (8) (12) (16) (15) (8) 3 (8)
Enel Global
Services Srl
Separate 847 898 787 834 60 64 49 59 11 5 (6) (6) 5 (1) 4 (2) 1 1
Enel Global
Trading SpA
Separate 15,772 33,683 14, 177 32,119 1,595 1,564 50 33 1,545 1,531 24 (43) 1,569 1,488 408 385 1,161 1,103
Enel Green
Power SpA
Separate 489 485 379 408 110 77 132 13 (22) 64 (79) 108 (101) 172 33 (26) (134) 198
Enel Holding
Finance Srl
Separate - - - - - - 2,586 - (2,586) - 3,225 - 639 - 3 - 636 -
Enel Iberia
SRLU
Separate 47 53 55 65 (8) (12) - - (8) (12) 705 1,499 697 1,487 (78) (155) 775 1,642
Enel Innovation
Hubs Srl
Separate 4 6 4 6 - - - - - - - - - - - - - -
Enel Investment
Holding BV
Separate 2 2 3 3 (1) (1) - - (1) (1) - - (1) (1) - - (1) (1)
Enel X Srl Separate 133 117 131 108 2 9 185 71 (183) (62) (19) (24) (202) (86) (43) 7 (159) (93)
Enel X Way Srl Separate 58 72 67 98 (9) (26) 112 488 (121) (514) (14) (8) (135) (522) (22) (13) (113) (509)
Enelpower Srl Separate - - - (4) - 4 - 1 - 3 1 1 1 4 - 1 1 3
Enel
Reinsurance -
Compagnia di
riassicurazione
SpA
(2)
Separate 218 159 213 265 5 (106) - - 5 (106) 35 - 40 (106) 10 (30) 30 (76)
(1) Profit/(Loss) for the year includes discontinued operations.
(2) The company incorporated Enel Insurance NV on January 1, 2024. For comparative purposes, the figure at December 31, 2023 reflects a
pro-forma of the merger.
Graphics
Performance of the main subsidiaries
37
1. Report on Operations 2. Corporate governance 3. Separate financial statements 4. Reports
REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
Millions of euro
Financial
statements Revenue Costs
Gross operating
profit/(loss)
Amortization, depreciation
and impairment losses
Operating
profit/(loss)
Net financial income/(expense)
and profit/(expense)
from equity investments Pre-tax profit/(loss) Income taxes
Profit/(Loss)
for the year
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023
Endesa SA Consolidated 21,307 25,459 16,014 21,682 5,293 3,777 2,222 2,132 3,071 1,645 (482) (580) 2,589 1,065 696 303 1,893 762
Enel
Américas SA
(1)
Consolidated 12,850 11,919 9,398 8,452 3,452 3,467 1 ,417 1,259 2,035 2,208 (822) (867) 1,213 1,341 317 622 2,645 1,084
Enel Chile SA Consolidated 3,905 4,823 3,199 3,679 706 1,144 341 299 365 845 (144) 154 221 999 34 250 187 749
Enel Italia SpA Consolidated 38,135 46,259 27,617 37,063 10,518 9,196 3,302 3,094 7, 216 6,102 (1,658) (1,355) 5,558 4,747 1,591 1,581 3,967 3,166
Enel North
America Inc.
Consolidated 2,157 1,887 1,027 1,241 1,130 646 536 1,810 594 (1,164) (355) (327) 239 (1,491) 74 (360) 165 (1,131)
Enel Finance
International
NV
Separate 2,338 2,284 1,872 1,778 466 506 - - 466 506 - (16) 466 490 131 140 335 350
Enel Grids Srl Separate 364 397 367 404 (3) (7) 1 1 (4) (8) (8) (8) (12) (16) (15) (8) 3 (8)
Enel Global
Services Srl
Separate 847 898 787 834 60 64 49 59 11 5 (6) (6) 5 (1) 4 (2) 1 1
Enel Global
Trading SpA
Separate 15,772 33,683 14, 177 32,119 1,595 1,564 50 33 1,545 1,531 24 (43) 1,569 1,488 408 385 1,161 1,103
Enel Green
Power SpA
Separate 489 485 379 408 110 77 132 13 (22) 64 (79) 108 (101) 172 33 (26) (134) 198
Enel Holding
Finance Srl
Separate - - - - - - 2,586 - (2,586) - 3,225 - 639 - 3 - 636 -
Enel Iberia
SRLU
Separate 47 53 55 65 (8) (12) - - (8) (12) 705 1,499 697 1,487 (78) (155) 775 1,642
Enel Innovation
Hubs Srl
Separate 4 6 4 6 - - - - - - - - - - - - - -
Enel Investment
Holding BV
Separate 2 2 3 3 (1) (1) - - (1) (1) - - (1) (1) - - (1) (1)
Enel X Srl Separate 133 117 131 108 2 9 185 71 (183) (62) (19) (24) (202) (86) (43) 7 (159) (93)
Enel X Way Srl Separate 58 72 67 98 (9) (26) 112 488 (121) (514) (14) (8) (135) (522) (22) (13) (113) (509)
Enelpower Srl Separate - - - (4) - 4 - 1 - 3 1 1 1 4 - 1 1 3
Enel
Reinsurance -
Compagnia di
riassicurazione
SpA
(2)
Separate 218 159 213 265 5 (106) - - 5 (106) 35 - 40 (106) 10 (30) 30 (76)
(1) Profit/(Loss) for the year includes discontinued operations.
(2) The company incorporated Enel Insurance NV on January 1, 2024. For comparative purposes, the figure at December 31, 2023 reflects a
pro-forma of the merger.
Graphics
People centricity
38
REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
People centricity
Enel SpA employees at December 31, 2024 numbered
1,130, an increase of 221 reflecting the net balance
between new hires and terminations.
The following table reports the average number of
employees by category with comparative figures for
the previous year, as well as the headcount at Decem-
ber 31, 2024.
Average workforce Headcount
No. 2024 2023 Change at Dec. 31, 2024
Senior managers 184 165 19 189
Middle managers 593 488 105 668
White collar 271 249 22 273
Total 1,048 902 146 1,130
The following table reports changes in the workforce during the year.
Headcount
at Dec. 31, 2023 New hires Terminations Inward transfers Outward transfers
Headcount
at Dec. 31, 2024
909 38 56 346 107 1,130
People and organization
The profound social, economic, demographic, and
cultural transformations we are experiencing today,
from the energy transition to digitization and techno-
logical innovation, and the rapid rise of artificial intel-
ligence, are all profoundly affecting the world of work,
overturning paradigms and imposing major cultural
and organizational changes, all calling for new profes-
sional roles and talents.
To face this change, it is essential to act in an inclusive
manner, putting people at the center of both the world
of work and of society as a whole, equipping them
with the tools they need to face this epochal trans-
formation.
Organizations are being increasingly called upon to
orient themselves towards new agile, sustainable
business models throughout the entire value chain. It
is also essential to adopt policies that bring out the
diversity and talents of each individual, in an aware-
ness that the contribution of the individual represents
an essential element in the creation of widespread,
shared value.
The centrality of the person, constant listening, shar-
ing, enhancement of the entrepreneurial capacities
of individuals, involvement, are some of the keywords
that guide our way of working and experiencing the
Company.
Thanks to an increasingly efficient, streamlined organ-
ization, the management of human capital and the
centrality of the individual play a fundamental role in
the implementation of the Groups industrial strategy,
as an enabling factor to which specific objectives are
linked. The main objectives are: the constant devel-
opment of skills and competencies through the pro-
motion of reskilling and upskilling for our people; the
implementation of models for assessing the working
environment and performance; the dissemination and
rigorous evaluation of the effects of diversity and in-
clusion policies in all countries where the Group has a
presence, as well as an inclusive organizational culture
based on the principles of non-discrimination and
equal opportunity, which are fundamental drivers for
attracting and retaining talent.
The Company is involved in enhancing the resilience
and flexibility of organizational models through organ-
izational and procedural simplification, with a constant
focus on designing in clear accountability among the
Graphics
People centricity
39
1. Report on Operations 2. Corporate governance 3. Separate financial statements 4. Reports
REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
actors involved and a procedural system with global
governance and control, digitalization of processes,
and a data driven approach.
All of this aims to enable the autonomy and account-
ability of individuals and teams by strengthening em-
powerment processes and fostering an entrepreneur-
ial approach that values people’s talents, aptitudes,
and aspirations. The hybrid working method and the
promotion of internal mobility, as well as the use of in-
novative and flexible organizational models, are tools
aimed precisely at supporting this evolution of organ-
izational culture on the basis of trust, innovation, pro-
activity, respect, and flexibility.
Health and safety
Generating a strong and sustainable safety culture
shared by all members of the organization is a stra-
tegic objective. For this reason, Enel is committed to
defining and implementing processes, conditions, and
work environments that are increasingly healthy and
safe for its employees, for the companies that collabo-
rate with it, for its customers, and for the communities
with which it interacts on a daily basis, while promoting
the continuous strengthening of a culture of safety in
part by way of dedicated training courses.
The main health and safety risks to which the em-
ployees of Enel and its contractors are exposed are
attributable to performing operational activities at
the Group’s sites and assets. These risks may shift, or
change completely, depending on economic and so-
cial trends, as well as on the introduction of digitization
in processes and operational activities. Another type
of health and safety risk is connected with non-com-
pliance with applicable laws and regulations. This can
impact on health and safety and lead to administrative
or judicial penalties, and thus produce financial and
reputational impacts on the Enel Group.
For this reason, the Group has its own Health and
Safety Management System compliant with the inter-
national UNI ISO 45001 standard. The management
system is based on the identification of threats, the
qualitative and quantitative assessment of risks, in-
cluding financial and reputational risks, the planning
and implementation of prevention and protection
measures, and the verification of the effectiveness of
such measures and any corrective actions, including
in the rigorous processes of selecting and managing
contractors. These systems make it possible to ensure
regulatory compliance, to verify the effectiveness of
processes and related corrective actions with a view
to continuous improvement and, finally, to ensure the
dissemination of a risk-based approach as well as a
robust organizational and individual culture in health
and safety issues. The key document of these systems
is the Group’s Health and Safety Policy, agreed with
the Board of Directors and signed by the CEO, which
describes the guiding principles, strategic objectives,
approach, and guidelines and priorities for the contin-
uous improvement of health and safety performance.
From an operational standpoint, health and safety risks
are specifically assessed at each site or asset based on
the activities performed by workers and the conditions
of the workplaces and external environmental condi-
tions. This assessment enables us to identify preven-
tion and protection measures for safety in the work-
place and to plan their implementation, improvement
and control in order to verify their effectiveness and
efficiency.
In addition to preventive risk assessment, Enel has de-
veloped a structured field inspection process aimed
at continuously monitoring behavior, compliance with
procedures and working methods, and consequently
the correct management of health and safety risks for
both internal personnel and external contractors. This
process, managed by both internal staff and certified
companies, allows for the identification of risk situ-
ations (non-compliance) and the related plans con-
taining corrective actions, including training courses,
coaching and dissemination of the culture of safety.
As regards contractors specifically, Enel’s approach
is to consider them as partners in embracing the key
principles of health and safety for its workers, who
are therefore considered on a par with internal em-
ployees in the application of these principles and in
their attention to workplace health and safety issues.
Therefore, safety is integrated into the procurement
process, and contractor performance is monitored
both in the preliminary phase, using the qualification
system, and in the contract execution phase, through
numerous control processes and tools such as the
Contractor Assessment (analyses of contractors’ or-
ganization, processes and working methods in the
qualification phase or in cases where critical issues
or low scores emerge in the evaluation of the indica-
tors) or the Evaluation Groups (periodic interfunctional
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meetings conducted across all global business lines
and geographical areas in order to evaluate the safe-
ty performance of suppliers and decide consequence
management actions).
In addition to these procedural and operational as-
pects, another important driver in the proper man-
agement of health and safety risks are training and
awareness initiatives for people within the organiza-
tion. To encourage the growth of technical skills and
a culture of safety, while supporting the processes
of change and responding in a timely manner to the
needs that emerge from doing business, Enel has
adopted a structured training management process
that aims to transform knowledge into skills and then
into behaviors.
Enel also fosters the systematic dissemination of in-
formation and awareness among personnel through a
variety of company channels, such as news on the in-
tranet, information emails, newsletters and magazines.
We periodically conduct surveys to collect feedback
from our people on process improvement and un-
dertake communication initiatives to raise awareness
among all workers about the observance of safety
procedures and to create moments of collective re-
flection on the dynamics and causes of serious or fatal
accidents.
Finally, Enel is also constantly engaged in dialogue with
international top players in the energy sector and be-
yond, through participation in inter-company working
groups to ensure continuous improvement by sharing
best practices in the health and safety field, examining
both operational processes and innovative initiatives.
Procurement, logistics and supply chain
The purchasing processes of Global Procurement and
the associated governance documents form a struc-
tured system of rules and control points that make
it possible to combine the achievement of econom-
ic business objectives with full compliance with the
fundamental principles set out in the Code of Ethics,
the Enel Global Compliance Program, the “Zero-Toler-
ance-of-Corruption” Plan and the Human Rights Poli-
cy, without renouncing the promotion of initiatives for
sustainable economic development.
From the point of view of the procurement process,
the various units adopt competitive processes that
ensure equal access opportunities to all operators
who meet the technical, financial, environmental, safe-
ty, human rights, legal, and ethical requirements.
With regard to the risk governance system, Global
Procurement is focused on the application of metrics
that indicate the level of risk before and after the mit-
igation action, in order to implement precautionary
measures to reduce uncertainty to a tolerable level or
mitigate any impacts in all business, technological and
geographical areas.
The effectiveness of supply chain risk management is
monitored by calculating an aggregate risk index for
each supplier through specific indicators – including
the probability of insolvency, the concentration of
contracts with individual suppliers or industrial groups,
the supplier’s dependence on Enel, the performance
index on the correctness of conduct throughout the
tender process, quality, punctuality and sustainability
in the execution of the contract, country risk, etc. – for
which thresholds are set that guide definition of the
procurement strategy and negotiation and awarding
of a tender, while allowing for informed selection of
potential risks and benefits.
Furthermore, the geopolitical context of the various
countries is also monitored with respect to our supply
chain of materials in order to manage market volatili-
ty and to adopt the most suitable strategies, such as
the differentiation of supply sources, to avoid inter-
ruptions in the supply chain and mitigate risks deriv-
ing from market shortages, logistical criticalities, and
business interruptions.
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Research and development
Enel SpA does not directly engage in research and development, as within the Group those activities are per-
formed by a number of subsidiaries and associates.
Innovation
Enel’s innovation model leverages several tools to find
new solutions to business needs, that allow to involve
an extended ecosystem of industrial partners, large
companies, small and medium-sized enterprises, re-
search centers, universities, entrepreneurs and start-
ups in the innovation process. The main channels
include the www.openinnovability.enel.com crowd-
sourcing platform for innovative solutions, and the
global network of Innovation Hubs, located in the in-
novation ecosystems most relevant for the Group,
such as Europe and the United States, and which pro-
vide the main source of scouting for innovative solu-
tions. Enel provides participating companies with skills,
structures for the technical and economic validation
of new solutions in an industrial environment as well
as a global network of partners to support their devel-
opment and possible scale-up. Furthermore, through
co-development with suppliers, the Group aims to
quickly and effectively implement innovative solutions
at the pre-commercial development level and leverag-
es existing skills and the customization and transfer of
solutions already used in other production sectors.
Enel adopted the ISO 56002 standard for innovation
management. The standard covers all aspects of in-
novation management, from the birth of an idea to its
implementation on a global scale. In 2024 collabora-
tion with UNI continued with the issue of the UNI/PdR
155 practice “Management of sustainable innovation
– Guidelines for the management of sustainable inno-
vation processes in companies through open innova-
tion. The document, of a pre-regulatory nature, is in-
tended to offer practical support for any organization
that wants to pursue the organizational and produc-
tion changes necessary to implement an effective in-
ternal process of sustainable innovation management.
Initiatives launched to promote the culture of innova-
tion within Enel in 2024 include internal webinar cycles
with the involvement of external research centers and
universities and the launch of new innovation commu-
nities on relevant technological topics; these are in-
formal working groups in which colleagues participate
spontaneously with the aim of sharing experiences
and knowledge, proposing solutions, overseeing de-
velopments in the internal and external ecosystem.
In 2024, the innovation project portfolio was simpli-
fied and constantly aligned with both the strategic di-
rections and business priorities in the various areas,
through a careful process of selection and allocation
of resources to the best initiatives in terms of value
generation, sustainability and scalability, focusing on
the development, digitalization and resilience of net-
works, flexibility, new technologies for renewable gen-
eration and models to enable new services, innovative
systems for energy storage, solutions to support safe-
ty, development of digital solutions based on artifi-
cial intelligence to improve operational efficiency and
profitability, solutions for customer electrification, new
processes and tools to engage customers and innova-
tive offer models.
During 2024, 67 Proofs of Concept were launched to
test new solutions, while 21 innovative solutions were
identified by the business for large scale implemen-
tation.
67
Proofs of Concept,
launched to test
innovative solutions
21
Solutions in scale-up
phase in the business
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Intellectual property
Enel’s intellectual property portfolio (also referred to
below as “IP”) includes a body of information function-
al to sustainable growth, generated within an open
innovation ecosystem that finds protection and valor-
ization in IP regulation.
In 2024, Enel consolidated and further streamlined the
processes for managing the generation and exploita-
tion of intellectual property rights within the Intellectual
Property Management organizational procedure, which
looks at human capital as an essential element in the
creation of IP and aims to encourage employee partic-
ipation in the creative process, making them responsi-
ble for the strategic importance of all inventions.
In parallel, Enel progressed in the design of digital pro-
cesses for the management of intellectual property
rights provided for by the aforementioned organiza-
tional procedures. The use of proprietary digital tools,
in line with Enel’s specific needs, allows for the ration-
alization of IP titles based on business strategies, re-
porting and constant monitoring of both the status of
the Group’s entire IP portfolio and the codification of
intellectual property rights which originate from inven-
tions developed within Enel’s innovative ecosystem,
thus increasing the transparency of procedures and
the reliability of internal processes.
At December 31, 2024, the Group owned 503 patents
for industrial inventions, 265 of which are granted ti-
tles, belonging to 183 patent families, 17 utility models
and 184 design registrations.
In addition to patents, utility models and designs, IP
rights also include copyright, sui generis rights on da-
tabases and know-how.
Digitalization
Digital transformation is one of the strategic pillars for
achieving environmental, social and governance sus-
tainability objectives. Digital technology plays a central
role in reducing environmental impacts and creating
shared value for all stakeholders.
Digitalization allows us to optimize the use of natural
resources, monitor greenhouse gas emissions in real
time and implement solutions for the smart manage-
ment of electricity distribution and consumption. At
the same time, it provides a fundamental tool for pro-
moting social inclusion, improving accessibility to ser-
vices and supporting the development of digital skills
in the territories in which Enel operates.
Enel continues to adopt advanced digital technolo-
gies, such as artificial intelligence, integrating them
into operational and management processes to in-
crease efficiency, effectiveness and resilience, with
impacts on the entire value chain and on working
methods. Enel is committed to ensuring that the dig-
ital transformation process is sustainable to guaran-
tee a fair and responsible future. This means adopt-
ing ethical approaches in the design of technologies,
investing in sustainable digital infrastructures and
promoting a circular economy also in the digital
sphere. To this end, Enel is committed to integrating
sustainability into every phase of the digital process,
from design to implementation, so that each innova-
tion actively contributes to the fight against climate
change and to improvement of the living conditions
of global communities.
Cyber security
In the era of digital transformation, cyber security takes
on a key role in ensuring the normal operations of
businesses, addressing growing cyber threats and the
evolving regulatory environment. Digitalization expands
the attack surface, making it necessary to adopt a sys-
temic and proactive approach, which includes preven-
tion, monitoring and response strategies to incidents,
as well as a widespread culture of cyber security.
To monitor and manage cyber risk, Enel has defined
a Cyber Security operating model, entrusted to the
Group’s Chief Information Security Officer (CISO). The
model provides for synergy with the business units and
the coordination of strategies, policies and regulatory
compliance. The Cyber Security Committee, chaired
by the Group CEO, approves the global cyber security
strategy and monitors its implementation, while secu-
rity governance is subject to constant review by the
main executive and control bodies.
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The Cyber Security Framework, adopted in 2017, es-
tablishes the principles and operational processes to
protect IT (Information Technology), OT (Operational
Technology) and IoT (Internet of Things) environments,
providing a cyber risk management system to identify
and mitigate threats. A key element is the Cyber Emer-
gency Readiness Team (CERT), active 24/7, to proactive-
ly manage and respond to cyber incidents, through so-
phisticated data monitoring and correlation systems. In
2024, CERT responded to 31 cyber incidents classified
as potentially medium-high impact, none as a critical.
Enel’s approach is based on resilience and collabora-
tion between the public and private sectors to protect
critical infrastructures, minimizing risks and ensuring a
high capacity to respond to cyber threats.
In line with the integrated and holistic approach
adopted by the Group for the management of cyber
risk, various initiatives are implemented that act in
three fundamental areas, namely people, processes
and technologies, since each of them plays a crucial
role in the protection of company resources.
Firstly, awareness-raising and continuous training
activities are promoted, with mandatory content, for
all Group employees, in order to develop a culture of
cyber security and increase awareness of threats and
attacks that target the human vector. At the process
level, detailed policies, procedures and guidelines are
adopted that define the rules and principles of cyber
security, together with the security controls (aligned
with international standards and industry best practic-
es) to be designed and applied (e.g. management and
control of access to company systems, analysis and
management of cyber incidents). Finally, advanced
technological tools and solutions are implemented to
ensure adequate protection of company resources
against cyber threats, and technical security controls
are constantly carried out, also with the support of ap-
propriately selected independent external suppliers, in
all the Group’s environments (IT, OT and IoT) in order to
identify any vulnerabilities and mitigate the associated
risks.
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REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
Risk management
The Enel Group risk governance model
In its capacity as an industrial holding company, Enel
SpA is exposed to the same risks associated with the
Group’s business.
In this regard, consistently with the internal control
and risk management system (ICRMS), Enel has also
adopted a risk governance model based on a num-
ber of “pillars” described in the following, as well as
a uniform taxonomy of risks (the “risk catalogue”)
that facilitates their management and organic rep-
resentation.
The “pillars” of risk governance
Enel has adopted a reference framework for risk gov-
ernance that is implemented in the real world through
the establishment of specific management, monitor-
ing, control and reporting controls for each of the risk
categories identified.
The Group’s risk governance model is in line with the
best national and international risk management prac-
tices and is based on the following pillars:
Lines of defense. The Group’s arrangements are
structured along three lines of defense for risk man-
agement, monitoring and control activities, in com-
pliance with the principle of segregating roles in the
main areas in respect of significant risks.
Group Risk Committee. This body, set up at man-
agement level and chaired by the Chief Executive
Officer, is responsible for strategic guidance and
risk management supervision through:
analysis of the main exposures and the main risk
issues faced by the Group;
adoption of specific risk policies applicable to
Group companies, in order to identify roles and
responsibilities in risk management, monitoring
and control processes, in compliance with the
principle of organizational separation between
the units responsible for operations and those re-
sponsible for monitoring and controlling risks;
approval of specific operating limits, authorizing,
where necessary and appropriate, exceptions to
these limits for specific circumstances or needs;
definition of risk response strategies.
The Group Risk Committee generally meets four
times a year and can also be convened, where
deemed necessary, by the Chief Executive Officer
and the head of the “Risk Control” unit, which forms
part of the “Administration, Finance and Control”
function.
Integrated and widespread system of local risk
committees. The presence of specific local risk
committees, organized in accordance with the
main global business lines and geographical ar
-
eas of Group operations and chaired by their re-
spective top managers, provides adequate over-
sight of the most characteristic risks at the local
level. The coordination of these committees with
the Group Risk Committee facilitates appropri
-
ate agreement with Group top management of
the information and mitigation strategies for the
most significant exposures, as well as local imple
-
mentation of the guidelines and strategies de-
fined at Group level.
LINES
OF DEFENSE
1
GROUP RISK
COMMITTEE
2
LOCAL
RISK
COMMITTEES
3
RISK
APPETITE
FRAMEWORK
4
POLICY
5
REPORTING
6
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Risk Appetite Framework (RAF). The Risk Appetite
Framework constitutes the reference framework for
determining risk appetite and is an integrated and
formalized system of elements that enable the defi-
nition and application of a single approach to the
management, measurement and control of each
risk. The RAF is summarized in the Risk Appetite
Statement, a document that summarily describes
the risk strategies identified and the indicators and/
or limits applicable to each risk.
Policies. The allocation of responsibilities, coordina-
tion mechanisms and the main control activities are
represented in specific policies and organization-
al documents defined in accordance with specific
approval procedures involving the corporate struc-
tures directly involved.
Reporting. Specific and regular information flows on
risk exposures and metrics, broken down at Group
level and by individual global business line or geo-
graphical area, allow Enel’s top management and
corporate bodies to have an integrated view of the
Group’s main risk exposures, both current and pro-
spective.
Risk Landscape Enel Group
©
. Acting on the basis of
its risk governance arrangements and on the inter-
national risk management standard ISO 31000:2018,
the Group constantly monitors risks using a pro-
cess supported by a data visualization tool (e-Risk
Landscape
©
). This system collects and organizes
information coming from the different geographi-
cal areas and business lines of the Group, catego-
rizing them in accordance with the definition in the
Group’s risk catalogue. The monitoring and control
process involves the assignment of metrics based
on the risk events’ probability of occurrence (likeli-
hood) and the scale of potential economic-financial
impact, providing the Group’s top management with
a dynamically updated view of the Groups risk pro-
file and the associated management and mitigation
actions. These dimensions, modulated through rep-
resentative grids, provide an indication of the level
of individual risks.
At December 31, 2024 the Enel Group monitored a set
of about 400 risks, 14 of which were identified as Top
Risks (with an above average likelihood and significant
potential financial impacts), mainly identified as regu-
latory and legal/tax risks and/or uncertainties.
Macro-category Compliance Digital technology
Strategic
Financial
Operational
Likelihood
Impact
5
4
3
2
1
0
0 1 2 3 4 5
Governance and culture
Area Top Risks
The Enel Group Risk Landscape
©
enables the selec-
tion and visualization of medium-to-high risks (i.e.
excluding highly unlikely and/or low impact events).
It is also possible to make a multidirectional selection:
by category;
by country/legal entity;
by business line.
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REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
With regard to the Top Risks identified and examined
for the Plan period, we find the greater concentration
of strategic risks (5), in particular legislative-regulato-
ry risks, and compliance risks (9), mainly deriving from
exposure to tax litigation or compliance with other
rules and regulations.
ComplianceMacro-category Strategic
Likelihood
Impact
2.5 3.0 3.5 4.0 4.5 5.0
3
4
5
The Group risk catalogue
Enel has adopted a risk catalogue that represents a
point of reference at the Group level and for all corpo-
rate units involved in risk management and monitoring
processes. The adoption of a common language facili-
tates the mapping and comprehensive representation
of risks within the Group, thus facilitating the identi-
fication of the main types of risk that impact Group
processes and the roles of the organizational units
involved in their management.
The risk catalogue groups the types of risk into mac-
ro-categories, which include, as shown below, strate-
gic, financial and operational risks, (non)-compliance
risks, risks related to governance and culture as well
as digital technology. The following diagram shows the
classification of risks currently identified and classified
within the aforementioned macro-categories.
RISKS
Corporate culture and ethics
Corporate governance
Stakeholders’ engagement
Governance
and culture
Cyber security
Digitalization
IT effectiveness
Service continuity
Digital
technology
Capital structure adequacy
and funding access
Commodity
Credit and counterparty
Exchange rate
Interest rate
Liquidity
Financial
Asset protection
Business interruption
Customers’ needs and satisfaction
Environment
Health and safety
Intellectual property
People and organization
Process efficiency
Procurement, logistic and supply chain
Service quality management
Operational
Accounting compliance
Antitrust compliance and consumers’ rights
Corruption
Data protection
External disclosure
Financial Regulation Compliance
Sustainability Compliance
Tax compliance
Compliance with other
laws and regulations
Compliance
Climate change
Competitive landscape
Innovation
Legislative and regulatory
developments
Macroeconomic and
geopolitical trends
Strategic planning and
capital allocation
Strategic
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REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
Outlook
In November 2024, the Group presented its new
Strategic Plan for 2025-2027 with a strategy main-
ly focused on core countries and on flexible capital
allocation, with the aim of increasing investments in
regulated assets with solid and predictable returns.
For the three-year period 2025-2027, the Enel Group
confirmed the strategic pillars presented with the pre-
vious 2024-2026 Plan:
profitability, flexibility and resilience, pursuing value
creation through selective capital allocation to opti-
mize the Enel Group’s risk/return profile, while keep-
ing a flexible approach;
effectiveness and efficiency, pursuing the contin-
uous optimization of processes, activities and the
product and services portfolio, strengthening cash
generation and developing innovative solutions to
increase the value of existing assets;
financial and environmental sustainability to main-
tain a solid structure, ensure the flexibility needed
for growth and address the challenges of climate
change.
The new Strategic Plan for 2025-2027 provides for a
total gross capex of about €43 billion, an increase of
about €7 billion compared with the previous Plan, al-
located as follows:
€26 billion in Grids, to improve the resilience, digi-
talization and efficiency of the distribution network.
The Group will also continue its advocacy efforts to
promote regulatory frameworks that support the
central role of grids in the energy transition;
€12 billion in Renewable Generation, with a flexible
capital allocation and a selective approach aimed
at maximizing returns and minimizing risks, also
taking advantage of brownfield opportunities, with
the aim of further improving profitability. Over the
plan period, we expect to add approximately 12 GW
of capacity, with an improved technology mix that
includes over 70% onshore wind and programma-
ble technologies (hydro and batteries), reaching a
total installed renewable capacity of about 76 GW
in 2027;
€2.7 billion in the Retail segment to enhance inte-
grated bundled offers and improve customer and
service management.
As a result of these strategic actions, in 2027 Group
ordinary EBITDA is expected to grow to between €24.1
and €24.5 billion, and Group net ordinary income is
expected to increase to between €7.1 and €7.5 billion.
The Group 2024 financial results allow us to propose
to the next Shareholders’ Meeting the distribution of a
total dividend of €0.47 per share, exceeding the min-
imum fixed dividend per share (DPS) of €0.43 in the
previous Plan.
In the period 2025-2027, the implementation of stra-
tegic actions is expected to translate into visible and
highly predictable returns; thus, the dividend policy
provides for a minimum annual fixed DPS of €0.46
and a potential increase up to a payout of 70% on the
Group net ordinary income. Compared to the previous
dividend policy, the constraint of achieving cash flow
neutrality has also been removed.
In 2025 Enel plans:
investments in distribution grids focusing on geo-
graphical areas with a more balanced and clearer
regulatory framework;
selective investments in renewables, aimed at maxi-
mizing the return on invested capital and minimizing
risks;
active management of the customer portfolio
through bundled multi-play offers.
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REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
In view of the foregoing, the financial targets on which the Group’s 2025-2027 Plan is based are reported below.
Financial targets
Profit growth 2024 2025 2027
Ordinary EBITDA (€ billions) 22.8 22.9-23.1 24.1-24.5
Ordinary profit (€ billions) 7. 1 6.7-6.9 7. 1 -7.5
Value creation
DPS (€/shares) 0.47
0.46
(1)
0.46
(1)
Increase in DPS up to a payout of 70%
of ordinary profit
(1) Minimum DPS.
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Other information
Approval of the separate financial statements
The Shareholders’ Meeting called to approve the
separate financial statements, as provided for by
Article 9.2 of the bylaws of Enel SpA, shall be called
within 180 days of the close of the financial year. The
use of that time limit rather than the ordinary limit
of 120 days from the close of the financial year, per-
mitted under Article 2364, paragraph 2, of the Ital-
ian Civil Code, is justified by the fact that the Com-
pany is required to prepare consolidated financial
statements.
Disclosures on sustainability reporting
Legislative Decree 125 of September 6, 2024, which
came into force on September 25 of the same year,
implemented in Italy Directive (EU) 2022/2464,
which amended Regulation (EU) 537/2014, Directive
2004/109/EC, Directive 2006/43/EC and Directive
2013/34/EU in respect of corporate sustainability
reporting. The decree provides specific indications
about the scope of sustainability reporting, which can
be prepared on an individual basis in the separate fi-
nancial statements, or on a consolidated basis.
Enel SpA, in its capacity as Parent Company, prepares
the consolidated Sustainability Statement pursuant to
Article 4 of the Decree, to be included in the Report
on Operations in the Integrated Annual Report of the
Enel Group and published in the “Financials” section
of the website (https://www.enel.com/investors/finan-
cials). Therefore, the Company falls within the provi-
sions of Article 4, paragraph 12, of Legislative Decree
125/2024, according to which the Parent Company
preparing the consolidated Sustainability Statement is
not required to prepare an individual statement in the
Report on Operations of the financial statements.
Disclosures on financial instruments
The disclosures on financial instruments required by
Article 2428, paragraph 2, no. 6-bis of the Italian Civil
Code are reported in the following notes to the finan-
cial statements: 31 “Financial instruments”, 32 “Risk
management”, 33 “Derivatives and hedge accounting”
and 34 “Fair value measurement”.
Transactions with related parties
For more information on transactions with related parties, please see note 36.
Own shares
At December 31, 2024, treasury shares are represent-
ed by 12,079,670 ordinary shares of Enel SpA with a
par value of €1.00 each (9,262,330 at December 31,
2023), purchased through an authorized intermediary.
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REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
Atypical or unusual operations
Pursuant to the CONSOB Notice of July 28, 2006,
the Company did not carry out any atypical or un-
usual operations in 2024. Such operations include
transactions whose significance, size, nature of the
counterparties, subject matter, method for calcu-
lating the transfer price or timing could give rise to
doubts concerning the propriety and/or complete-
ness of disclosure, conflicts of interest, preservation
of company assets or protection of non-controlling
shareholders.
Subsequent events
Significant events following the close of the year are
discussed in note 41.
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Incentive system
Enel’s remuneration policy for 2024, which was adopt-
ed by the Board of Directors acting on a proposal of
the Nomination and Compensation Committee and
approved by the Shareholders’ Meeting of May 23,
2024, was formulated on the basis of (i) the recom-
mendations of the Italian Corporate Governance
Code published on January 31, 2020; (ii) national and
international best practice; (iii) the guidance provided
by the favorable vote of the Shareholders’ Meeting of
May 10, 2023 on the remuneration policy for 2023; (iv)
the results of the engagement activity on environ-
mental, social and governance issues pursued by the
Company between the end of January and the begin-
ning of March 2024 with the leading proxy advisors
and some Enel’s institutional investors; (v) the findings
of the benchmark analysis of the remuneration of the
Chairman of the Board of Directors, the Chief Exec-
utive Officer/General Manager and the non-executive
directors of Enel for 2023, which was performed by the
independent consultant Willis Towers Watson.
This policy is intended to (i) foster Enel’s sustainable
success, which takes the form of creating long-term
value for the benefit of shareholders, taking due con-
sideration of the interests of other key stakeholders,
so as to incentivize the achievement of strategic
objectives; (ii) attract, retain and motivate personnel
with the professional skills and experience required
by the sensitive managerial duties entrusted to them,
taking into account the remuneration and working
conditions of the employees of the Company and the
Enel Group; and (iii) promote the corporate mission
and values.
The 2024 remuneration policy adopted for the Chief
Executive Officer/General Manager and key manage-
ment personnel envisages:
a fixed component;
a short-term variable component (MBO) that will be
paid out on the basis of achievement of specific
performance objectives. Namely:
for the CEO/General Manager, annual objectives
have been set for the following components of
the 2024 MBO mechanism:
consolidated net ordinary profit (with a weight
equal to 30% of the total);
consolidated cash cost (with a weight equal to
20% of the total);
funds from operations/consolidated net fi-
nancial debt (with a weight equal to 20% of
the total);
commercial complaints received at the Group
level (with a weight equal to 10% of the total);
workplace injury frequency rate, accompanied
by a gate objective represented by fatal injuries
(with a weight equal to 20% of the total).
Therefore, the overall weight of the sustainabili-
ty-related objectives (i.e. commercial complaints
received at the Group level and the safety-relat-
ed objective) within the short-term variable re-
muneration of the CEO/General Manager is con-
firmed at 30%.
For each objective, an incentive equal to 50% of
the base bonus is paid upon achievement of the
access threshold, while 100% and 150% of the
base bonus are paid upon reaching the perfor-
mance and overperformance targets, respectively
(with linear interpolation, except for the objective
relating to Safety). For performances below the
access threshold, no incentive is expected;
for key management personnel, the respective
MBOs identify objective and specific annual goals
connected with the Strategic Plan. They are deter-
mined jointly by the Administration, Finance and
Control function and the People and Organization
function; as regards the short-term variable re-
muneration, it can vary, based on the achievement
of the various performance targets, from a mini-
mum (equal to 80% of the target level under which
no incentive is due) to a maximum (predefined and
connected with overperformance results in re-
spect of the assigned objectives, equal to 150%
of the target level) which varies according to the
different business environment of the Group;
a long-term variable component linked to participa-
tion in specific long-term incentive plans. In particu-
lar, for 2024 this component is linked to participation
in the Long-Term Incentive Plan for the manage-
ment of Enel SpA and/or its subsidiaries pursuant to
Article 2359 of the Italian Civil Code (2024 LTI Plan),
which establishes three-year performance targets
for the following:
Enel’s average TSR (Total Shareholder Return)
compared with the average TSR for the EURO
Graphics
Incentive system
52
REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
STOXX Utilities - EMU index for the 2024-2026 pe-
riod (with a weight equal to 45% of the total);
ROIC (Return on Invested Capital) - WACC (Weight-
ed Average Cost of Capital), cumulative for 2024-
2026 (with a weight equal to 30% of the total);
intensity of Scope 1 and Scope 3 GHG emissions
connected with the Group’s integrated power
operations (gCO
2eq
/kWh) in 2026, accompanied
by a gate objective represented by the intensity
of Scope 1 GHG emissions connected with the
Group’s power generation (gCO
2eq
/kWh) in 2026
(with a weight equal to 15% of the total);
percentage of women in top and middle manage-
ment at the end of 2026 (with a weight equal to
10% of the total).
The component of these two ESG-related perfor-
mance objectives has a total weight of 25% and takes
into account the now consolidated attention of the
financial community for ESG issues, here with a par-
ticular emphasis on the fight against climate change
and gender diversity.
For each objective, the system provides for an incen-
tive of 130% (for the CEO/General Manager of Enel)
or of 100% (for other beneficiaries) of the base value
upon achievement of the target, while upon achieve-
ment of the overperformance target the incentive ris-
es to (i) 150% (Over I level) or (ii) 280% (for CEO/General
Manager of Enel) or 180% (for other beneficiaries) of
the base value (Over II level), with the possibility of lin-
ear interpolation between the thresholds.
The 2024 LTI Plan establishes that any bonus accrued
is represented by an equity component, which can be
supplemented – depending on the level of achieve-
ment of the various targets – by a cash component.
More specifically, of the total incentive vested, the
2024 LTI Plan establishes that: (i) for the CEO/General
Manager of Enel, the incentive shall be paid entirely in
Enel shares up to 150% of the base value; (ii) for man-
agers reporting directly to the CEO/General Manager
of Enel, including key management personnel, the
incentive shall be paid entirely in Enel shares up to
100% of the base value; and (iii) for beneficiaries oth-
er than those specified under (i) and (ii), the incentive
shall be paid entirely in Enel shares up to 65% of the
base value. The 2024 LTI Plan provides that the shares
to be disbursed pursuant to the latter provisions shall
be purchased previously by Enel and/or its subsidi-
aries. In addition, the disbursement of a significant
portion of long-term variable remuneration (70% of
the total) is deferred to the second year following the
three-year performance period covered by the 2024
LTI Plan.
For more information on the remuneration policy for
2024, please see Enel’s “Report on the remuneration
policy for 2024 and compensation paid in 2023”, which
is available on the Company’s website (www.enel.com).
The following table shows the pay ratio for 2024 and
2023, i.e. the difference between the total annual re-
muneration of the CEO/General Manager of Enel and
the median annual pay of the Group’s employees. For
completeness of informations sake, the same ratio is
provided also with reference to the fixed component
of the remuneration.
% 2024 2023
Pay Ratio – Ratio between the total remuneration of the CEO/GM of Enel
in office from May 12, 2023 and the average gross annual remuneration
of the Group’s employees
(1)
65x
(31x fixed remuneration)
45x
(21x fixed remuneration)
(1) Figures for 2023 have been restated for comparative purposes, by applying the 2024 exchange rate to 2023 remunerations.
Graphics
Graphics
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CHAPTER 2
Corporate
GOVERNANCE
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Report on corporate governance and ownership structure
56
REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
Report on corporate
governance and ownership
structure
2. Available from the website of Borsa Italiana (at https://www.borsaitaliana.it/comitato-corporate-governance/codice/2020.pdf).
3. The Corporate Governance Code defines a “large company” as any company whose capitalization was greater than €1 billion on the last Ex-
change business day of each of the previous three calendar years, while a “company with concentrated ownership” is any company in which a
single shareholder (or a plurality of shareholders which participates in a shareholders’ voting agreement) holds, directly or indirectly (through
subsidiaries, trustees or third parties), the majority of the votes that can be exercised in the ordinary shareholders’ meeting.
The corporate governance system of Enel SpA (“Enel”)
is compliant with the principles set forth in the Italian
Corporate Governance Code,
2
adopted by the Compa-
ny as a “large company” without “concentrated owner-
ship,
3
and with international best practice adopted by
the Company, and with international best practice.
The corporate governance system adopted by Enel is
essentially aimed at achieving sustainable success, as
it is aimed at creating value for the shareholders over
the long term, taking into account the environmental
and social importance of the Enel Group’s business
operations and the consequent need, in conducting
such operations, to adequately consider the interests
of all relevant stakeholders.
In compliance with Italian legislation governing listed
companies, Enel’s organization comprises the follow-
ing bodies:
a Board of Directors charged with managing the
Company, which has established (i) internal Board
committees whose functions include the prelim-
inary analysis of issues, the development of rec-
ommendations and the performance of advisory
functions, in order to ensure the adequate internal
allocation its functions, as well as (ii) a committee
for transactions with related parties, which performs
the functions envisaged by applicable legislation
and specific company procedure;
a Board of Statutory Auditors charged with monitor-
ing: (i) compliance with the law and the bylaws, and
with the principles of sound administration in the
performance of company business; (ii) the financial
reporting process, as well as the adequacy of the
organizational structure, the internal control system
and the administrative-accounting system of the
Company; (iii) the statutory auditing of the annual
accounts and the consolidated accounts, as well
as the independence of the Audit Firm; and (iv) the
manner in which the corporate governance rules set
out in the Corporate Governance Code are actually
implemented;
a Shareholders’ Meeting, which is competent to take
decisions concerning, among other issues – in or-
dinary or extraordinary session: (i) the appointment
and termination of members of the Board of Direc-
tors and the Board of Statutory Auditors and their
compensation and any stockholders’ suits; (ii) the
approval of the separate financial statements and al-
location of profit; (iii) the purchase and sale of treas-
ury shares; (iv) the remuneration policy and its im-
plementation; (v) stock-based compensation plans;
(vi) amendments of the bylaws; (vii) mergers and de-
mergers; and (viii) the issue of convertible bonds.
The statutory auditing of the accounts is performed
by a specialized firm entered in the appropriate official
register. It was engaged by the Shareholders’ Meeting
on the basis of a reasoned proposal of the Board of
Statutory Auditors.
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57
REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
1. Report on Operations 2. Corporate governance 3. Separate financial statements 4. Reports
For more detailed information on the corporate gov-
ernance system, please see the Report on Corporate
Governance and Ownership Structure of Enel, which
has been published on the Company’s website (http://
www.enel.com, in the “Governance” section).
Paolo Scaroni
Chairman
Flavio Cattaneo
Chief Executive
Officer and
General Manager
Johanna Arbib
Mario Corsi
Olga Cuccurullo
Dario Frigerio
Fiammetta Salmoni
Alessandra Stabilini
Alessandro Zehentner
Barbara Tadolini (C)
Luigi Borré
Maura Campra
SHAREHOLDERS’
MEETING
AUDIT FIRM
BOARD
OF DIRECTORS
CONTROL
AND RISK
RELATED
PARTIES
BOARD
OF STATUTORY
AUDITORS
KPMG SpA
Committee Committee
Committee
Committee
NOMINATION
COMPENSATION
and
CORPORATE
GOVERNANCE
SUSTAINABILITY
and
Graphics
CHAPTER 3
Separate
FINANCIAL
STATEMENTS
Graphics
CHAPTER 3
Separate
FINANCIAL
STATEMENTS
Graphics
Separate financial statements
60
REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
Separate financial
statements
Income Statement
Euro Notes 2024 2023
of which with
related parties
of which with
related parties
Revenue
Revenue from sales and services
4.a 110,210,076 108,726,988 107,242,614 107, 17 7,47 1
Other income
4.b 10,931,376 10,005,541 55,953,225 12,301,276
(Subtotal) 121,141,452 163,195,839
Costs
Purchase of consumables
5.a 472,230 333,332 411,658 230,382
Services, leases and rentals
5.b 176,611,642 123,843,455 201,897,034 125,570,450
Personnel expenses
5.c 145,853,420 135,217,154
Depreciation, amortization
and impairment losses
5.d 3,585,062,116 718,632,977
Other operating costs
5.e 13,7 17, 2 03 321,670 47,150,940 411,287
(Subtotal) 3,921,716,611 1,103,309,763
Operating loss (3,800,575,159) (940,113,924)
Income from equity investments
6 6,562,676,857 6,562,253,256 4,269,179,595 4,268,761,567
Financial income from derivatives
7 550,480,785 151,027,831 906,666,335 421,215,400
Other financial income
8 547,379,094 463,709,232 481,633,806 386,665,830
Financial expense from derivatives
7 454,096,754 247,184,252 868,999,445 342,163,853
Other financial expense
8 951,712,079 594,980,195 952,414,076 449,181,865
(Subtotal) 6,254,727,903 3,836,066,215
Pre-tax profit 2,454,152,744 2,895,952,291
Income taxes
9 (143,822,837) (135,857,564)
PROFIT FOR THE YEAR 2,597,975,581 3,031,809,855
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61
REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
1. Report on Operations 2. Corporate governance 3. Separate financial statements 4. Reports
Statement of Comprehensive Income
Euro Notes 2024 2023
Profit for the year 2,597,975,581 3,031,809,855
Other comprehensive income/(expense) that may be subsequently
reclassified to profit or loss (net of taxes)
Effective portion of change in the fair value of cash flow hedges (69,687,626) (55,299,318)
Change in the fair value of hedging costs 5,691,741 (45,732)
Other comprehensive income/(expense) that may not be subsequently
reclassified to profit or loss
Remeasurement of net liabilities/(assets) for defined-benefit plans 1,025,912 (5,254,233)
Change in the fair value of equity investments in other companies 543,665 1,239,631
Total other comprehensive income/(loss)
22 (62,426,308) (59,359,652)
Comprehensive income/(loss) for the year 2,535,549,273 2,972,450,203
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Separate financial statements
62
REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
Statement of Financial Position
Euro
ASSETS Notes at Dec. 31, 2024 at Dec. 31, 2023
of which with
related parties
of which with
related parties
Non-current assets
Property, plant and equipment
10 11,040,700 9,325,876
Intangible assets
11 76,038,873 130,536,624
Deferred tax assets
12 111,027,875 105,795,799
Equity investments
13 58,477,671,111 60,917,485,264
Non-current financial derivative assets
14 179,012,959 38,744,498 260,558,273 17,582,012
Other non-current financial assets
15 4,063,517 9,732,013
Other non-current assets
16 67,781,550 56,322,369 72,985,571 64,126,969
(Total) 58,926,636,585 61,506,419,420
Current assets
Trade receivables
17 196,776,243 196,137,183 167,063,646 167,043,846
Income tax assets
18 189,187,706 309,389,752
Current financial derivative assets
14 107,413,717 3,497,352 76,246,594 55,833,206
Other current financial assets
19 2,677,499,947 2,164,987,799 6,482,654,926 5,951,617,471
Other current assets
20 1,181,303,651 1,144,532,311 1,581,057,389 1,552,330,980
Cash and cash equivalents
21 2,120,979,729 1,122,155,615
(Total) 6,473,160,993 9,738,567,922
TOTAL ASSETS 65,399,797,578 71,244,987,342
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Separate financial statements
63
REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
1. Report on Operations 2. Corporate governance 3. Separate financial statements 4. Reports
Euro
LIABILITIES AND EQUITY Notes at Dec. 31, 2024 at Dec. 31, 2023
of which with
related parties
of which with
related parties
Equity
Share capital 10,166,679,946 10,166,679,946
Treasury share reserve (78,488,831) (59,391,451)
Equity instruments – perpetual hybrid
bonds
7,145,440,752 6,553,164,779
Other reserves 11,744,653,163 11,785,045,273
Retained earnings/(loss carried forward) 6,995,391,684 8,591,640,579
Profit for the year
(1)
412,139,393 845,973,667
TOTAL EQUITY
22 36,385,816,107 37,883,112,793
Non-current liabilities
Long-term borrowings
23 17,345,071,030 14,141,712,688 17,855,165,462 14,274,103,557
Employee benefits
24 112,028,460 120,706,096
Non-current portion of provisions for risks
and charges
25 14,817,397 20,741,948
Deferred tax liabilities
12 32,568,605 43,103,814
Non-current financial derivative liabilities
14 581,486,286 90,727,164 619,923,490 104,107,038
Other non-current liabilities
26 17, 2 07, 167 8,532,511 20,538,647 8,512,767
(Subtotal) 18,103,178,945 18,680,179,457
Current liabilities
Short-term borrowings
23 6,410,053,437 6,305,554,497 8,631,664,059 8,461,461,359
Current portion of long-term borrowings
23 567,396,256 132,390,869 1,179,258,322 132,390,869
Current portion of provisions for risks
and charges
25 13,889,336 9,194,092
Trade payables
27 131,515,810 81,350,389 134,532,360 86,850,266
Current financial derivative liabilities
14 101,826,471 66,420,147 105,519,013 19,558,734
Other current financial liabilities
28 178,340,384 98,154,930 226,230,895 110,995,822
Other current liabilities
30 3,507,780,832 551,024,280 4,395,296,351 824,782,216
(Subtotal) 10,910,802,526 14,681,695,092
TOTAL LIABILITIES 29,013,981,471 33,361,874,549
TOTAL LIABILITIES AND EQUITY 65,399,797,578 71,244,987,342
(1) Profit for the year of €2,598 million (€3,032 million in 2023) is reported net of the interim dividend of €2,186 million (€2,186 million in 2023).
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Separate financial statements
64
REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
Statement of Changes in Equity (note 22)
Euro Share capital
Share
premium
reserve
Negative
treasury
share
reserve
Equity
instruments
reserve –
perpetual
hybrid bonds Legal reserve
Reserve
pursuant to
Law 292/1993
Other
reserves
Hedging
reserve
Hedging
costs reserve
Reserve from
measurement
of financial
assets FVOCI
Actuarial
reserve
Retained
earnings
Profit
for the year Total equity
At January 1, 2023 10,166,679,946 7,496,016,063 (47,077,924) 5,567,47 7,464 2,033,335,988 2,215,444,500 137,486,133 (23,849,707) (3,409,291) 1,832,546 (21,408,822) 5,695,687,373 5,124,029,959 38,342,244,228
Purchase of treasury shares - - (21,028,919) - - - 21,073,852 - - - - (25,643,550) - (25,598,617)
Reserve for share-based
payments (LTI)
- - - - - - (3,311,691) - - - - - - (3,311,691)
Issue of own shares - - 8,715,392 - - - (8,804,646) - - - - 9,072,425 - 8,983,171
Equity instruments –
perpetual hybrid bonds
- - - 985,687,315 - - - - - - - - - 985,687,315
Coupons paid to holders
of perpetual hybrid bonds
- - - - - - - - - - - (181,768,696) - (181,768,696)
Allocation of 2022 profit
Distribution of dividends - - - - - -
- - - - - - (2,033,335,989) (2,033,335,989)
Coupons paid to holders
of perpetual hybrid bonds
- - - - - - - - - - - 123,434,990 (123,434,990) -
Retaining earnings - - - - - - - - - - - 2,968,689,739 (2,967,258,980) 1,430,759
2023 interim dividend
(1)
- - - - - - - - - - - 2,168,298 (2,185,836,188) (2,183,667,890)
Comprehensive income
for the year
Other comprehensive
income
- - - - - -
- (55,299,318) (45,732) 1,239,631 (5,254,233) - - (59,359,652)
Profit for the year - - - - - - - - - - - - 3,031,809,855 3,031,809,855
At December 31, 2023 10,166,679,946 7,496,016,063 (59,391,451) 6,553,164,779 2,033,335,988 2,215,444,500 146,443,648 (79,149,025) (3,455,023) 3,072,177 (26,663,055) 8,591,640,579 845,973,667 37,883,112,793
Purchase of treasury shares - - (25,916,845) - - - 25,916,845 - - - - (21,347,147) - (21,347,147)
Reserve for share-based
payments (LTI)
- - - - - - 2,936,818 - - - - - - 2,936,818
Issue of own shares - - 6,819,465 - - - (6,819,465) - - - - 6,607,463 - 6,607,463
Equity instruments –
perpetual hybrid bonds
- - - 592,275,973 - - - - - - - - - 592,275,973
Coupons paid to holders
of perpetual hybrid bonds
- - - - - - - - - - - (246,412,117) - (246,412,117)
Allocation of 2023 profit
Distribution of dividends - - - - - -
- - - - - (1,525,001,992) (660,834,196) (2,185,836,188)
Coupons paid to holders
of perpetual hybrid bonds
- - - - - - - - - - - 181,768,696 (181,768,696) -
Retaining earnings - - - - - - - - - - - 5,539,073 (3,370,775) 2,168,298
2023 interim dividend
(2)
- - - - - - - - - - - 2,597,129 (2,185,836,188) (2,183,239,059)
Comprehensive income
for the year
Other comprehensive
income
- - - - - -
- (69,687,626) 5,691,741 543,665 1,025,912 - - (62,426,308)
Profit for the year - - - - - - - - - - - - 2,597,975,581 2,597,975,581
At December 31, 2024 10,166,679,946 7,496,016,063 (78,488,831) 7,145,440,752 2,033,335,988 2,215,444,500 168,477,846 (148,836,651) 2,236,718 3,615,842 (25,637,143) 6,995,391,684 412,139,393 36,385,816,107
(1) Approved by the Board of Directors on November 7, 2023 and paid as from January 24, 2024.
(2) Approved by the Board of Directors on November 6, 2024 and paid as from January 22, 2025.
Graphics
Separate financial statements
65
REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
1. Report on Operations 2. Corporate governance 3. Separate financial statements 4. Reports
Euro Share capital
Share
premium
reserve
Negative
treasury
share
reserve
Equity
instruments
reserve –
perpetual
hybrid bonds Legal reserve
Reserve
pursuant to
Law 292/1993
Other
reserves
Hedging
reserve
Hedging
costs reserve
Reserve from
measurement
of financial
assets FVOCI
Actuarial
reserve
Retained
earnings
Profit
for the year Total equity
At January 1, 2023 10,166,679,946 7,496,016,063 (47,077,924) 5,567,47 7,464 2,033,335,988 2,215,444,500 137,486,133 (23,849,707) (3,409,291) 1,832,546 (21,408,822) 5,695,687,373 5,124,029,959 38,342,244,228
Purchase of treasury shares - - (21,028,919) - - - 21,073,852 - - - - (25,643,550) - (25,598,617)
Reserve for share-based
payments (LTI)
- - - - - - (3,311,691) - - - - - - (3,311,691)
Issue of own shares - - 8,715,392 - - - (8,804,646) - - - - 9,072,425 - 8,983,171
Equity instruments –
perpetual hybrid bonds
- - - 985,687,315 - - - - - - - - - 985,687,315
Coupons paid to holders
of perpetual hybrid bonds
- - - - - - - - - - - (181,768,696) - (181,768,696)
Allocation of 2022 profit
Distribution of dividends - - - - - -
- - - - - - (2,033,335,989) (2,033,335,989)
Coupons paid to holders
of perpetual hybrid bonds
- - - - - - - - - - - 123,434,990 (123,434,990) -
Retaining earnings - - - - - - - - - - - 2,968,689,739 (2,967,258,980) 1,430,759
2023 interim dividend
(1)
- - - - - - - - - - - 2,168,298 (2,185,836,188) (2,183,667,890)
Comprehensive income
for the year
Other comprehensive
income
- - - - - -
- (55,299,318) (45,732) 1,239,631 (5,254,233) - - (59,359,652)
Profit for the year - - - - - - - - - - - - 3,031,809,855 3,031,809,855
At December 31, 2023 10,166,679,946 7,496,016,063 (59,391,451) 6,553,164,779 2,033,335,988 2,215,444,500 146,443,648 (79,149,025) (3,455,023) 3,072,177 (26,663,055) 8,591,640,579 845,973,667 37,883,112,793
Purchase of treasury shares - - (25,916,845) - - - 25,916,845 - - - - (21,347,147) - (21,347,147)
Reserve for share-based
payments (LTI)
- - - - - - 2,936,818 - - - - - - 2,936,818
Issue of own shares - - 6,819,465 - - - (6,819,465) - - - - 6,607,463 - 6,607,463
Equity instruments –
perpetual hybrid bonds
- - - 592,275,973 - - - - - - - - - 592,275,973
Coupons paid to holders
of perpetual hybrid bonds
- - - - - - - - - - - (246,412,117) - (246,412,117)
Allocation of 2023 profit
Distribution of dividends - - - - - -
- - - - - (1,525,001,992) (660,834,196) (2,185,836,188)
Coupons paid to holders
of perpetual hybrid bonds
- - - - - - - - - - - 181,768,696 (181,768,696) -
Retaining earnings - - - - - - - - - - - 5,539,073 (3,370,775) 2,168,298
2023 interim dividend
(2)
- - - - - - - - - - - 2,597,129 (2,185,836,188) (2,183,239,059)
Comprehensive income
for the year
Other comprehensive
income
- - - - - -
- (69,687,626) 5,691,741 543,665 1,025,912 - - (62,426,308)
Profit for the year - - - - - - - - - - - - 2,597,975,581 2,597,975,581
At December 31, 2024 10,166,679,946 7,496,016,063 (78,488,831) 7,145,440,752 2,033,335,988 2,215,444,500 168,477,846 (148,836,651) 2,236,718 3,615,842 (25,637,143) 6,995,391,684 412,139,393 36,385,816,107
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REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
Statement of Cash Flows
Euro Notes 2024 2023
of which with
related parties
of which with
related parties
Pre-tax profit 2,454,152,744 2,895,952,291
Adjustments for:
Depreciation, amortization and impairment losses
5.d 3,585,112,792 718,632,977
Exchange gains/(losses) on foreign currency assets
and liabilities
48,827,789 13,686,853
Accruals to provisions 22,606,923 6,957,494
Dividends from subsidiaries, associates and other
companies
6 (6,562,676,857) (6,562,253,256) (4,269,179,595) (4,268,761,567)
Net financial (income)/expense 247,790,219 227,474,681 411,222,943 (16,527,553)
Cash flows used in operating activities before
changes in net working capital
(204,186,390) (222,727,037)
Increase/(Decrease) in provisions (32,513,866) (28,866,530)
(Increase)/Decrease in trade receivables
17 (31,037,710) (29,093,337) 111,147,807 113,669,287
(Increase)/Decrease in other financial
and non-financial assets/liabilities
1,760,348,827 468,923,364 1,012,405,770 (822,418,837)
Increase/(Decrease) in trade payables
27 (3,016,550) (5,499,877) (19,946,322) (10,182,788)
Interest income and other financial income collected 812,527,191 552,991,209 1,080,902,064 644,093,507
Interest expense and other financial expense paid (1,144,314,285) (682,834,924) (1,460,144,722) (637,676,049)
Dividends from subsidiaries, associates
and other companies
6 6,325,067,380 6,324,645,491 3,851,190,666 3,850,786,914
Income taxes paid (1,792,730,598) (47,114,592)
Cash flows from operating activities (a) 5,690,143,999 4,276,847,104
Investments in property, plant and equipment
and intangible assets
10-11 (34,558,947) (47,401,080)
Investments in equity investments
13 (1,050,537,331) (1,050,537,331) (1,608,039,876) (1,608,039,876)
Disinvestments from extraordinary transactions - 648,514,204 648,514,204
Cash flows used in investing activities (b) (1,085,096,278) (1,006,926,752)
New long-term borrowing
23 - 2,201,106,190 2,000,032,661
Repayments of long-term borrowings
23 (1,179,394,903) (132,390,869) (2,803,055,864) (1,332,805,452)
Net change in long-term borrowings/(loan assets) 674,968,967 265,084,305 1,200,109,945
Repayment of short-term borrowings
(1)
(4,500,000,000) (4,500,000,000) (3,025,000,000) (3,025,000,000)
Use of short-term borrowings
(1)
3,000,000,000 3,000,000,000 4,500,000,000 4,500,000,000
Net change in short-term borrowings/(loans assets)
(1)
2,446,048,810 3,117,881,919 (4,846,850,065) (5,481,272,340)
Dividends and interim dividends paid
22 (4,366,954,626) (4,090,667,883)
Issue of perpetual hybrid bonds
22 889,699,972 1 ,737, 2 37,5 0 0
Redemption of perpetual hybrid bonds
22 (297,424,000) (751,550,185)
Coupons paid to holders of perpetual hybrid bonds
22 (246,412,117) (181,768,696)
Purchase of treasury shares
22 (26,755,710) (20,173,002)
Cash flows used in financing activities (c) (3,606,223,607) (7,015,637,700)
Increase/(Decrease) in cash and cash equivalents
(a+b+c)
998,824,114 (3,745,717,348)
Cash and cash equivalents at the beginning
of the year
21 1,122,155,615 4,867,872,963
Cash and cash equivalents at the end of the year
21 2,120,979,729 1,122,155,615
(1) The figure for 2023 has been restated to improve presentation.
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Notes to the separate financial statements
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REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
1. Report on Operations 2. Corporate governance 3. Separate financial statements 4. Reports
Notes to the separate
financial statements
1. Form and content of the separate financial statements
Enel SpA has its registered office in Viale Regina Margh-
erita 137, Rome, Italy, and since 1999 has been listed on
the Mercato Telematico Azionario (Electronic Stock Ex-
change) organized and operated by Borsa Italiana SpA.
There were no changes in the company name in 2024.
Enel is an energy multinational and is one of the
world’s leading integrated operators in the electricity
and gas industries, with a special focus on Europe and
Latin America.
As the Parent, Enel SpA has prepared the consolidated
financial statements of the Enel Group as at and for
the year ended December 31, 2024, which are pub-
lished in a separate document.
The publication of these separate financial statements
was approved by the Board of Directors on March 13,
2025.
These separate financial statements have been audit-
ed by KPMG SpA.
Basis of presentation
These separate financial statements for the year end-
ed December 31, 2024 represent the separate finan-
cial statements of the Parent, Enel SpA, and have been
prepared in accordance with international accounting
standards (International Accounting Standards - IAS
and International Financial Reporting Standards - IFRS)
issued by the International Accounting Standards Board
(IASB), the interpretations of the IFRS Interpretations
Committee (IFRSIC) and the Standing Interpretations
Committee (SIC), recognized in the European Union pur-
suant to Regulation (EC) no. 1606/2002 and in effect as
of the close of the year. All of these standards and inter-
pretations are hereinafter referred to as the “IFRS-EU”.
These separate financial statements have also been
prepared in conformity with measures issued in imple-
mentation of Article 9, paragraph 3, of Legislative De-
cree 38 of February 28, 2005.
The separate financial statements consist of the in-
come statement, the statement of comprehensive
income, the statement of financial position, the state-
ment of changes in equity and the statement of cash
flows and the related notes.
The assets and liabilities reported in the statement of
financial position are classified on a “current/non-cur-
rent basis, with separate reporting of assets held for
sale and liabilities included in disposal groups classified
as held for sale. Current assets, which include cash and
cash equivalents, are assets that are intended to be re-
alized, sold or consumed during the normal operating
cycle of the Company; current liabilities are liabilities
that are expected to be settled during the normal oper-
ating cycle of the Company.
The income statement classifies costs on the basis of
their nature.
The statement of cash flows is prepared using the indi-
rect method, with separate reporting of any cash flows
by operating, investing and financing activities. More
specifically, the statement of cash flows is presented on a
gross basis and does not include non-cash transactions.
For more information on cash flows in the statement of
cash flows, please see the section “Cash flows” in the Re-
port on Operations.
The separate financial statements have been prepared
on a going concern basis using the cost method, with
the exception of items measured at fair value in accord-
ance with IFRS, as explained in the measurement criteria
for the individual items, and non-current assets and dis-
posal groups classified as held for sale, which are meas-
ured at the lower between their carrying amount and the
fair value less costs to sell.
The separate financial statements are presented in euro,
the functional currency of the Company, and the figures
shown in the notes are reported in millions of euro unless
stated otherwise.
The separate financial statements provide comparative
information in respect of the previous year.
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Notes to the separate financial statements
68
REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
2. Accounting policies
2.1 Use of estimates and management judgments
Preparing these separate financial statements under
IFRS-EU requires management to take decisions and
make estimates and assumptions that may impact the
carrying amounts of revenue, costs, assets and liabili-
ties and the related disclosures concerning the items
involved as well as contingent assets and liabilities. The
estimates and management’s judgments are based
on previous experience and other factors considered
reasonable in the circumstances. They are formulated
when the carrying amount of assets and liabilities is
not easily determined from other sources. The actual
results may therefore differ from these estimates. The
estimates and assumptions are periodically revised
and the effects of any changes are reflected through
profit or loss if they only involve that period. If the revi-
sion involves both the current and future periods, the
change is recognized in the year in which the revision
is made and in the related future periods.
In order to enhance understanding of the separate
financial statements, the following sections examine
the main items affected by the use of estimates and
the cases that reflect management judgments to a
significant degree, underscoring the main assump-
tions used by management in measuring these items
in compliance with the IFRS-EU. The critical element of
such valuations is the use of assumptions and profes-
sional judgments concerning issues that are by their
very nature uncertain.
Changes in the conditions underlying the assump-
tions and judgments could have a substantial impact
on future results.
The information included in the financial statements is
selected on the basis of a materiality analysis carried
out in accordance with the requirements of Practice
Statement 2 “Making Materiality Judgments”, issued by
the International Accounting Standards Board (IASB).
Use of estimates
Recoverability of equity investments
The Company assesses the presence of evidence of
impairment of each equity investment at least once a
year, consistent with its strategy for managing the le-
gal entities within the Group. If such evidence is found,
the assets involved undergo impairment testing. The
processes and procedures for determining the recov-
erable amount of each equity investment are based on
assumptions that can be complex and whose nature
requires management to use its judgment, especially
as regards the identification of evidence of impair-
ment, the forecasting of future profitability over the
horizon of the Group Business Plan, the determination
of the normalized cash flows underlying the estima-
tion of terminal value and the determination of long-
term growth rates and discount rates applied to fore-
casts of future cash flows.
Impairment of non-financial assets
Assets such as property, plant and machinery and in-
tangible assets are adjusted for impairment when their
carrying amount exceeds their recoverable amount,
represented by the higher of their fair value less costs
to sell and their value in use.
The recoverable amount is assessed in accordance
with the criteria established by IAS 36, which are dis-
cussed in greater detail in the appropriate notes to the
separate financial statements.
In determining the recoverable amount, the Compa-
ny generally applies the value in use criterion, i.e. the
present value of the future cash flows that are expect-
ed to be derived from the asset, discounted using a
pre-tax discount rate that reflects the current market
assessments of the time value of money and the risks
specific to the asset.
Future cash flows used to determine value in use are
based on the most recent Business Plan, approved by
the management, containing forecasts for volumes,
revenue, operating costs and investments. These pro-
jections cover the next three years. For subsequent
years, account is taken of:
assumptions concerning the long-term evolution of
the main variables considered in the calculation of
cash flows, as well as the average residual useful life of
the assets or the duration of the concessions, based
on the specific characteristics of the businesses;
a long-term growth rate equal to the long-term
growth of electricity demand and/or inflation (de-
pending on the country and business) that does not
in any case exceed the average long-term growth
rate of the market involved.
The recoverable amount is sensitive to the estimates
and assumptions used in the calculation of cash
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69
REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
1. Report on Operations 2. Corporate governance 3. Separate financial statements 4. Reports
flows and the discount rates applied. Nevertheless,
possible changes in the underlying assumptions of
such amounts could generate different recoverable
amounts. The analysis of each group of non-finan-
cial assets is unique and requires management to use
estimates and assumptions considered prudent and
reasonable in the specific circumstances.
Furthermore, in line with its business model and in the
context of the energy transition process, the Compa-
ny has also carefully assessed whether climate change
issues have affected the reasonable and supportable
assumption used to estimate expected cash flows. In
this regard, where necessary, the Company has also
taken account of the long-term impact of climate
change, in particular by considering in the estimation
of the terminal value a long-term growth rate in line
with the change in electricity demand determined us-
ing energy models for each country.
Information on the main assumptions used to esti-
mate the recoverable amount of assets with reference
to the impacts relating to climate change, as well as
information on changes in these assumptions, is pro-
vided in the applicable notes.
Expected credit losses on financial assets
At each reporting date, the Company recognizes a loss
allowance for expected credit losses on trade receiva-
bles and other financial assets measured at amortized
cost, debt instruments measured at fair value through
other comprehensive income, contract assets and all
other assets in the scope.
Loss allowances for financial assets are based on as-
sumptions about risk of default and on the measure-
ment of expected credit losses. Management uses
judgement in making these assumptions and select-
ing the inputs for the impairment calculation, based
on the Company’s past history, existing market condi-
tions as well as forward-looking estimates at the end
of each reporting period.
The expected credit loss (ECL), determined consid-
ering probability of default (PD), loss given default
(LGD), and exposure at default (EAD), is the difference
between all contractual cash flows that are due in ac-
cordance with the contract and all cash flows that are
expected to be received (including all shortfalls) dis-
counted at the original effective interest rate.
For additional details on the general simplified ap-
proach used to determine expected credit losses,
please see note 31 “Financial instruments”.
Based on the specific reference market and the regu-
latory context of the sector, as well as expectations of
recovery after 90 days, for such assets, the Company
mainly applies a default definition of 180 days past due
to determine expected credit losses, as this is consid-
ered an effective indication of a significant increase in
credit risk. Accordingly, financial assets that are more
than 90 days past due are generally not considered
to be in default, except for some specific regulated
markets.
For trade receivables and contract assets the Com-
pany mainly applies a collective approach based on
grouping the receivables into specific clusters. Only
if the trade receivables are deemed to be individually
significant by management and there is specific in-
formation about any significant increase in credit risk
does the Company apply an analytical approach.
Based on specific management evaluations, the for-
ward-looking adjustment can be applied considering
qualitative and quantitative information in order to re-
flect possible future events and macroeconomic sce-
narios, which may affect the risk of the portfolio or the
financial instrument.
For additional details on the key assumptions and in-
puts used please see note 31 “Financial instruments.
Determining the fair value of financial
instruments
The fair value of financial instruments is determined
on the basis of prices directly observable in the mar-
ket, where available, or, for unlisted financial instru-
ments, using specific valuation techniques (mainly
based on present value) that maximize the use of ob-
servable market inputs. In rare circumstances where
this is not possible, the inputs are estimated by man-
agement taking due account of the characteristics
of the instruments being measured. In accordance
with IFRS 13, the Company includes a measurement
of credit risk, both of the counterparty (Credit Valua-
tion Adjustment or CVA) and its own (Debit Valuation
Adjustment or DVA), in order to adjust the fair value
of financial instruments for the corresponding amount
of counterparty risk, applying the method indicated
in note 34 “Fair value measurement”. Changes in the
assumptions made in estimating the input date could
have an impact on the fair value recognized for those
instruments.
Pensions and other post-employment
benefits
Some of the Company’s employees participate in pen-
sion plans offering benefits based on their wage his-
tory and years of service. Certain employees are also
eligible for other post-employment benefit schemes.
The expenses and liabilities of such plans are calcu-
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Notes to the separate financial statements
70
REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
lated on the basis of estimates carried out by con-
sulting actuaries, who use a combination of statistical
and actuarial elements in their calculations, including
statistical data on past years and forecasts of future
costs. Other components of the estimation that are
considered include mortality and retirement rates as
well as assumptions concerning future developments
in discount rates, the rate of wage increases, the infla-
tion rate and trends in healthcare costs.
These estimates can differ significantly from actu-
al developments owing to changes in economic and
market conditions, increases or decreases in retire-
ment rates and the lifespan of participants, as well as
changes in the effective cost of healthcare.
Such differences can have a substantial impact on the
quantification of pension costs and other related ex-
penses.
For further details on the main actuarial assumptions,
please refer to note 24 “Employee benefits”.
Provisions for risks and charges
For more details on provisions for risks and charges,
please see note 25 “Provisions for risks and charges”.
Note 39 “Contingent assets and liabilities” also pro-
vides information regarding the most significant con-
tingent liabilities for the Company.
Litigation
The Company is involved in various civil, administrative
and tax disputes connected with the normal pursuit
of its activities that could give rise to significant lia-
bilities. It is not always objectively possible to predict
the outcome of these disputes. The assessment of the
risks associated with this litigation is based on com-
plex factors whose very nature requires recourse to
management judgments, even when taking account
of the contribution of external advisors assisting the
Company, about whether to classify them as contin-
gent liabilities or liabilities.
Provisions have been recognized to cover all signifi-
cant liabilities for cases in which legal counsel feels an
adverse outcome is more likely than not and a reason-
able estimate of the amount of the loss can be made.
Leases
When the interest rate implicit in the lease cannot be
readily determined, the Company uses the incremen-
tal borrowing rate (IBR) at the lease commencement
date to calculate the present value of the lease pay-
ments. This is the interest rate that the lessee would
have to pay to borrow over a similar term, and with
similar security, the funds necessary to obtain an as-
set of a similar value to the right-of-use asset in a
similar economic environment. When no observable
inputs are available, the Company estimates the IBR
making assumptions to reflect the terms and con-
ditions of the lease and certain entity-specific esti-
mates.
One of the most significant judgments for the Com-
pany is determining this IBR necessary to calculate
the present value of the lease payments required to
be paid to the lessor. The Company’s approach to de-
termining an IBR is based on the assessment of the
following three key components:
the risk-free rate, which considers the cash flows
of the lease payments, the economic environment
where the lease contract has been negotiated and
the lease term;
the credit spread adjustment, in order to calculate
an IBR that is specific for the lessee considering any
underlying parent or other guarantee;
the lease-related adjustments, in order to reflect in
the IBR calculation the fact that the discount rate is
directly linked to the type of the underlying asset,
rather than being a general incremental borrowing
rate. In particular, the risk of default is mitigated for
the lessors as they have the right to reclaim the un-
derlying asset itself.
Income taxes
Recovery of deferred tax assets
At December 31, 2024, the separate financial state-
ments report deferred tax assets in respect of tax
losses or tax credits to be reversed in subsequent
years and income components whose deductibility is
deferred in an amount whose recovery is considered
by management to be highly probable.
The recoverability of such assets is subject to the
achievement of future income sufficient to absorb
such tax losses and to use the benefits of the other
deferred tax assets.
Significant management judgment is required to
determine the probability of recovering deferred
tax assets, considering all negative and positive ev-
idence, and to determine the amount that can be
recognized, based upon the likely timing and the
level of future taxable income together with future
tax planning strategies and the tax rates applicable
at the date of reversal. However, where the Compa-
ny should become aware that it is unable to recover
all or part of recognized tax assets in future years,
the consequent adjustment would be taken to the
income statement in the year in which this circum-
stance arises.
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71
REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
1. Report on Operations 2. Corporate governance 3. Separate financial statements 4. Reports
The recoverability of deferred tax assets is reviewed at
the end of each period. Deferred tax assets not recog-
nized are reassessed at each reporting date in order to
verify the conditions for their recognition.
For more detail on deferred tax assets recognized or
not recognized, please see note 12 “Deferred tax as-
sets and liabilities”.
Management judgment
Determining the useful life
of non-financial assets
In determining the useful life of property, plant and
equipment and intangible assets with a finite useful
life, the Company considers not only the future eco-
nomic benefits – contained in the assets – obtained
through their use, but also many other factors, such
as physical wear and tear, the technical, commercial
or other obsolescence of the product or service pro-
duced with the asset, legal or similar limits (e.g. safety,
environmental or other restrictions) on the use of the
asset, if the useful life of the asset depends on the
useful life of other assets.
Furthermore, in estimating the useful lives of the as-
sets concerned, the Company has taken account of its
commitment under the Paris Agreement.
Determination of the existence of control
Under the provisions of IFRS 10, control is achieved
when the Company is exposed, or has rights, to varia-
ble returns from its involvement with the investee and
has the ability to affect those returns through its pow-
er over the investee. Power is defined as the current
ability to direct the relevant activities of the investee
based on existing substantive rights.
The existence of control does not depend solely on
ownership of a majority investment, but rather it arises
from substantive rights that each investor holds over
the investee. Consequently, management must use its
judgment in assessing whether specific situations de-
termine substantive rights that give the Company the
power to direct the relevant activities of the investee in
order to affect its returns.
For the purpose of assessing control, management
analyzes all facts and circumstances including any
agreements with other investors also in respect of
voting or appointing directors, rights arising from
4. Public Statement ESMA 24 October 2024 – Priority 2: Accounting policies, judgements, significant estimates (ESMA 32-193237008-8369 of
October 24, 2024).
other contractual arrangements and potential vot-
ing rights (call options, warrants, put options granted
to non-controlling shareholders, etc.) and other le-
gal provisions.
4
These other facts and circumstances
could be especially significant in such assessment
when the Company holds less than a majority of voting
rights, or similar rights, in the investee.
Furthermore, even if it holds more than half of the vot-
ing rights in another entity, the Company considers
all the relevant facts and circumstances in assessing
whether it controls the investee.
The Company re-assesses whether or not it controls
an investee if facts and circumstances indicate that
there are changes to one or more of the elements
considered in verifying the existence of control.
Finally, the assessment of the existence of control did
not find any situations of de facto control.
Determination of the existence of
joint control and of the type of joint
arrangement
Under the provisions of IFRS 11, a joint arrangement
is an agreement where two or more parties have joint
control.
Joint control exists only when the decisions over the
relevant activities require the unanimous consent of all
the parties that share control.
A joint arrangement can be configured as a joint ven-
ture or a joint operation. Joint ventures are joint ar-
rangements whereby the parties that have joint con-
trol have rights to the net assets of the arrangement.
Conversely, joint operations are joint arrangements
whereby the parties that have joint control have rights
to the assets and obligations for the liabilities relating
to the arrangement.
In order to determine the existence of the joint control
and the type of joint arrangement, management must
apply judgment and assess its rights and obligations
arising from the arrangement. For this purpose, the
management considers the structure and legal form
of the arrangement, the terms agreed by the parties in
the contractual arrangement and, when relevant, oth-
er facts and circumstances.
The Company re-assesses whether or not it has joint
control if facts and circumstances indicate that chang-
es have occurred in one or more of the elements con-
sidered in verifying the existence of joint control and
the type of the joint arrangement.
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72
REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
Determination of the existence
of significant influence over an associate
Associates are those in which the Company exercises
significant influence, i.e. the power to participate in the
financial and operating policy decisions of the inves-
tee but not exercise control or joint control over those
policies. In general, it is presumed that the Company
has a significant influence when it has an ownership
interest of 20% or more.
In order to determine the existence of significant influ-
ence, management must apply judgment and consid-
er all facts and circumstances.
The Company re-assesses whether or not it has sig-
nificant influence if facts and circumstances indicate
that there are changes to one or more of the elements
considered in verifying the existence of significant in-
fluence.
Determination of non-current assets
(or disposal groups) held for sale and
discontinued operations
An asset is classified as “held for sale” when its sale is
highly probable.
To determine whether a sale is highly probable, the
Company considers whether:
management has committed to a plan to sell the
asset (or disposal group), and an active program to
locate a buyer and complete the plan has been in-
itiated;
the sale should be expected to qualify for recognition
as a completed sale within one year from the date
of classification, except where the delay is caused by
events or circumstances beyond the Company’s con-
trol and there is sufficient evidence that the Compa-
ny remains committed to its plan to sell the asset;
the actions required to complete the plan should in-
dicate that it is unlikely that significant changes to
the plan will be made or that the plan will be with-
drawn.
Classification and measurement
of financial assets
At initial recognition, in order to classify financial as-
sets as financial assets at amortized cost, at fair value
through other comprehensive income and at fair value
through profit or loss, management assesses both the
contractual cash-flow characteristics of the instru-
ment and the business model for managing financial
assets in order to generate cash flows.
For the purpose of evaluating the contractual cash-
flow characteristics of the instrument, management
performs the SPPI test at an instrument level, in or-
der to determine if it gives rise to cash flows that are
solely payments of principal and interest (SPPI) on
the principal amount outstanding, performing spe-
cific assessment on the contractual clauses of the
financial instruments, as well as quantitative analysis,
if required.
The business model determines whether cash flows
will result from collecting contractual cash flows, sell-
ing the financial assets, or both.
For more details, please see note 31 “Financial instru-
ments.
Hedge accounting
Hedge accounting is applied to derivatives in order to
reflect into the financial statements the effect of risk
management strategies of the Company.
Accordingly, at the inception of the transaction the
Company documents the hedge relationship between
hedging instruments and hedged items, as well as its
risk management objectives and strategy. The Com-
pany also assesses, both at hedge inception and on
an ongoing basis, whether hedging instruments are
highly effective in offsetting changes in the fair values
or cash flows of hedged items.
On the basis of management’s judgment, the ef-
fectiveness assessment based on the existence of
an economic relationship between the hedging in-
struments and the hedged items, the dominance
of credit risk in the changes in fair value and the
hedge ratio, as well as the measurement of the inef-
fectiveness, are evaluated through a qualitative as-
sessment or a quantitative computation, depending
on the specific facts and circumstances and on the
characteristics of the hedged items and the hedg-
ing instruments.
For cash flow hedges of forecast transactions desig-
nated as hedged items, management assesses and
documents that they are highly probable and present
an exposure to changes in cash flows that affect profit
or loss.
For more details on the key assumptions used in as-
sessing effectiveness and measuring the ineffective
portion of hedges, see note 31.1 “Hedge accounting”.
Leases
The complexity of the assessment of the lease con-
tracts, and also their long-term expiring date, requires
a strong professional judgments for the IFRS 16 appli-
cation. In particular, for:
the application of the definition of a lease to the
cases typical of the sectors in which the Company
operates;
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1. Report on Operations 2. Corporate governance 3. Separate financial statements 4. Reports
the identification of the non-lease component in
the lease;
the evaluation of any renewable and termination op-
tions included in the lease in order to determine the
term of leases, also considering the probability of
their exercise and any significant leasehold improve-
ments on the underlying asset;
the identification of any variable lease payments
that depend on an index or a rate to determine
where the changes of the latter impact the future
lease payments and also the amount of the right-
of-use asset;
the estimate of the discount rate to calculate the
present value of the lease payments; further details
on assumptions about this rate are provided in the
paragraph “Use of estimates”.
Uncertainty over income tax treatments
The Company determines whether to consider each
uncertain income tax treatment separately or togeth-
er with one or more other uncertain tax treatments
as well as whether to reflect the effect of uncertainty
by using the most likely amount or the expected val-
ue method, based on which approach better predicts
the resolution of the uncertainty for each uncertain tax
treatments.
The Company makes significant use of professional
judgment in identifying uncertainties about income
tax treatments and reviews the judgments and esti-
mates made in the event of a change in facts and cir-
cumstances that could change its assessment of the
acceptability of a specific tax treatment or the esti-
mate of the effects of uncertainty, or both.
2.2 Material accounting policies
Related parties
Pursuant to IAS 24, related parties are mainly those
that share the same controlling entity with Enel SpA,
the companies that directly or indirectly are controlled
by Enel SpA, the associates or joint ventures (includ-
ing their subsidiaries) of Enel SpA, or the associates
or joint ventures (including their subsidiaries) of any
Group company.
Related parties also include entities that operate
post-employment benefit plans for employees of
Enel SpA or its associates (specifically, the FOPEN and
FONDENEL pension funds), as well as the members of
the boards of statutory auditors, and their immediate
family, and the key management personnel, and their
immediate family, of Enel SpA and its subsidiaries. Key
management personnel comprises management per-
sonnel who have the power and direct or indirect re-
sponsibility for the planning, management and control
of the activities of the Company. They include direc-
tors (whether executive or not).
Subsidiaries, associates and joint
ventures
The Company controls an entity when it is exposed
to or has rights to variable returns deriving from its
involvement, regardless of the nature of their formal
relationship, and has the ability, through the exercise
of its power over the investee, to affect its returns. For
more information on the definition of control, please
see section “Determination of the existence of con-
trol” in note 2.1 “Use of estimates and management
judgment”.
Associates comprise those entities in which the Com-
pany has a significant influence. Significant influence is
the power to participate in the financial and operating
policy decisions of investees but not exercise control
or joint control over those entities.
Joint ventures are joint arrangements over which the
Company exercises joint control and has rights to the
net assets of the arrangement. Joint control means
sharing control of an arrangement, which only exists
when the decisions over the relevant activities require
the unanimous consent of all the parties that share
control.
Equity investments in subsidiaries, associates and
joint ventures are measured at cost. Cost is adjusted
for any impairment losses, which are reversed where
the reasons for their recognition no longer obtain. The
carrying amount resulting from the reversal may not
exceed the original cost.
Where the loss pertaining to Enel SpA exceeds the car-
rying amount of the investment and the Company is ob-
ligated to perform the legal or constructive obligations
of the investee or in any event to cover its losses, the
excess with respect to the carrying amount is recog-
nized in liabilities in the provision for risks and charges.
In the case of a disposal, without economic substance,
of an investment to an entity under common control,
any difference between the consideration received
and the carrying amount of the investment is recog-
nized in equity.
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Translation of foreign currency items
Pursuant to “IAS 21 - The Effects of Changes in For-
eign Exchange Rates”, transactions in currencies other
than the functional currency are initially recognized at
the spot exchange rate prevailing on the date of the
transaction.
Monetary assets and liabilities denominated in a for-
eign currency other than the functional currency are
subsequently translated using the closing exchange
rate (i.e. the spot exchange rate prevailing at the re-
porting date).
Non-monetary assets and liabilities denominated in
foreign currency that are recognized at historical cost
are translated using the exchange rate at the date of
the initial recognition of the transaction. Non-mone-
tary assets and liabilities in foreign currency measured
at fair value are translated using the exchange rate at
the date that the fair value was determined.
Any exchange differences are recognized through
profit or loss.
In determining the spot exchange rate to use on initial
recognition of the related asset, expense or income
(or part of it) on the derecognition of a non-monetary
asset or non-monetary liability relating to advance
consideration in foreign currency paid or received,
the date of the transaction is the date on which the
Company initially recognizes the non-monetary asset
or non-monetary liability associated with the advance
consideration.
Fair value measurement
For all fair value measurements and disclosures of fair
value, that are either required or permitted by the IFRS,
the Company applies IFRS 13.
Fair value is defined as the price that would be re-
ceived to sell an asset or paid to transfer a liability, in
an orderly transaction, between market participants,
at the measurement date (i.e. an exit price).
The fair value measurement assumes that the trans-
action to sell an asset or transfer a liability takes place
in the principal market, i.e. the market with the great-
est volume and level of activity for the asset or liability.
In the absence of a principal market, it is assumed that
the transaction takes place in the most advantageous
market to which the Company has access, i.e. the mar-
ket that maximizes the amount that would be received
to sell the asset or minimizes the amount that would
be paid to transfer the liability.
The fair value of an asset or a liability is measured us-
ing the assumptions that market participants would
use when pricing the asset or liability, assuming that
market participants act in their economic best inter-
est. Market participants are independent, knowledge-
able sellers and buyers who are able to enter into a
transaction for the asset or the liability and who are
interested but not forced or otherwise compelled to
do so.
When measuring fair value, the Company considers
the characteristics of the asset or liability, in particular:
for a non-financial asset, a fair value measurement
takes into account a market participant’s ability to
generate economic benefits by using the asset in its
highest and best use or by selling it to another mar-
ket participant that would use the asset in its highest
and best use;
for liabilities and own equity instruments, the fair
value reflects the effect of non-performance risk,
i.e. the risk that an entity will not fulfill an obligation,
including among others the credit risk of the Com-
pany itself;
for groups of financial assets and financial liabilities
with offsetting positions in market risk or credit risk,
managed on the basis of an entity’s net exposure to
such risks, see note 34.1 “Assets measured at fair
value in the statement of financial position” and note
34.2 “Liabilities measured at fair value in the state-
ment of financial position, for more details.
In measuring the fair value of assets and liabilities, the
Company uses valuation techniques that are appro-
priate in the circumstances and for which sufficient
data are available, maximizing the use of relevant ob-
servable inputs and minimizing the use of unobserva-
ble inputs.
Property, plant and equipment
Pursuant to IAS 16, property, plant and equipment is
stated at cost, net of accumulated depreciation and
accumulated impairment losses, if any. Such cost in-
cludes expenses directly attributable to bringing the
asset to the location and condition necessary for its
intended use.
Subsequent costs are recognized as an increase in the
carrying amount of the asset when it is probable that
future economic benefits associated with the cost in-
curred for a part of the asset will flow to the Company
and the cost of the item can be measured reliably. All
other costs are recognized in profit or loss as incurred.
Property, plant and equipment, net of its residual value,
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is depreciated on a straight-line basis over its estimat-
ed useful life, which is reviewed annually and, if appro-
priate, adjusted prospectively. Depreciation begins
when the asset is available for use.
The estimated useful life of the main items of property,
plant and equipment is as follows:
Depreciation period
Leasehold improvements Shorter of the term of the
contract and residual useful life
Civil buildings 40 years
Other assets 7 years
Land is not depreciated as it has an indefinite useful
life.
Assets recognized under property, plant and equip-
ment are derecognized either upon their disposal (i.e.
at the date the recipient obtains control) or when no
future economic benefit is expected from their use or
disposal. Any gain or loss, recognized through profit
or loss, is calculated as the difference between the net
disposal proceeds, determined in accordance with
the transaction price requirements of IFRS 15, and the
carrying amount of the derecognized assets.
Leases
At inception of a contract, the Company assesses
whether a contract is, or contains, a lease applying
the definition of a lease under IFRS 16, that is met if
the contract conveys the right to control the use of
an identified asset for a period of time in exchange for
consideration.
The Company recognizes a right-of-use asset and a
lease liability at the commencement date of the lease
(i.e. the date the underlying asset is available for use).
The right-of-use asset represents a lessee’s right to
use an underlying asset for the lease term; it is initially
measured at cost, which includes the initial amount of
lease liability adjusted for any lease payments made at
or before the commencement date less any lease in-
centives received, plus any initial direct costs incurred
and an estimate of costs to dismantle and remove the
underlying asset and to restore the underlying asset or
the site on which it is located.
Right-of-use assets are subsequently depreciated on
a straight-line basis over the shorter of the lease term
and the estimated useful lives of the right-of-use as-
sets. If the lease transfers ownership of the underlying
asset to the Company at the end of the lease term or
if the cost of the right-of-use asset reflects the fact
that the Company will exercise a purchase option, de-
preciation is calculated using the estimated useful life
of the underlying asset.
The lease liability is initially measured at the present
value of lease payments to be made over the lease
term. In calculating the present value of lease pay-
ments, the Company uses the lessee’s incremental
borrowing rate at the lease commencement date
when the interest rate implicit in the lease is not read-
ily determinable.
Variable lease payments that do not depend on an in-
dex or a rate are recognized as expenses in the year
in which the event or condition that triggers the pay-
ment occurs.
After the commencement date, the lease liability is
measured at amortized cost using the effective inter-
est method and is remeasured upon the occurrence
of certain events.
The Company applies the short-term lease recogni-
tion exemption to its lease contracts that have a lease
term of 12 months or less from the commencement
date. It also applies the low-value assets recognition
exemption to lease contracts for which the underly-
ing asset is of low-value whose amount is estimated
not material. As an example, the Company has leases
of certain office equipment (i.e. personal computers,
printing and photocopying machines) that are con-
sidered of low-value. Lease payments on short-term
leases and leases of low-value assets are recognized
as expense on a straight-line basis over the lease
term.
Intangible assets
Pursuant to IAS 38, intangible assets are identifiable
assets without physical substance controlled by the
Company, when it is probable that the use of such as-
sets will generate future economic benefits and the
related cost can be reliably determined.
They are measured at purchase or internal develop-
ment cost and are recognized as an intangible asset
only when the Company can demonstrate the tech-
nical feasibility of completing the intangible asset and
that it has intention, ability and resources to complete
the asset in order to use or sell it.
The cost includes any directly attributable expenses
necessary to make the assets ready for their intend-
ed use.
Intangible assets with a finite useful life are recognized
net of accumulated amortization and any impairment
losses.
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Amortization is calculated on a straight-line basis over
the asset’s estimated useful life, which is reassessed at
least annually; any changes in amortization policies are
reflected on a prospective basis. For more information
on the estimation of useful life, please see note 2.1
“Use of estimates and management judgment”.
Amortization commences when the asset is ready for
use. Consequently, intangible assets not yet available
for use are not amortized, but are tested for impair-
ment at least annually.
The Company’s intangible assets have a finite useful
life.
Intangible assets comprise application software
owned by the Company with an expected useful life of
between three and five years.
Impairment of non-financial assets
Pursuant to “IAS 36 - Impairment of assets” at each
reporting date, property, plant and equipment, invest-
ment property recognized at cost, intangible assets,
right-of-use assets, goodwill and equity investments
in associates/joint ventures are reviewed to determine
whether there is evidence of impairment (using inter-
nal and external sources of information).
Intangible assets with an indefinite useful life and in-
tangible assets not yet available for use are tested for
impairment annually or more frequently if there is ev-
idence suggesting that the assets may be impaired.
If such evidence exists, the recoverable amount of
each asset involved is estimated on the basis of the
use of the asset and its future disposal, in accordance
with the most recent Group Business Plan. For more
on the estimation of the recoverable amount, please
see note 2.1 “Use of estimates and management judg-
ment”.
The recoverable amount is calculated for an individual
asset unless that asset is not capable of generating
incoming cash flows that are largely independent of
those generated by other assets or groups of assets.
If the carrying amount of an asset is greater than its
recoverable amount, an impairment loss is recognized
in profit or loss under “Depreciation, amortization and
impairment losses”.
If the reasons for a previously recognized impairment
loss no longer obtain, the carrying amount of the asset
is restored through profit or loss, under “Depreciation,
amortization and impairment losses”, in an amount
that shall not exceed the carrying amount that the
asset would have had if the impairment loss had not
been recognized and depreciation or amortization
had been performed.
Financial instruments
Financial instruments are recognized and measured in
accordance with “IAS 32 - Financial instruments: pres-
entation” and “IFRS 9 - Financial instruments”.
A financial asset or liability is recognized when, and
only when, the Company becomes party to the con-
tractual provision of the instrument (i.e. trade date).
Trade receivables arising from contracts with custom-
ers, in the scope of IFRS 15, are initially measured at
their transaction price (as defined in IFRS 15) if such
receivables do not contain a significant financing
component or when the Company applies the practi-
cal expedient allowed by IFRS 15.
Conversely, the Company initially measures financial
assets other than the trade receivables noted above
at their fair value plus, in the case of a financial as-
set not recognized at fair value through profit or loss,
transaction costs.
Financial assets are classified at initial recognition as
financial assets at amortized cost, at fair value through
other comprehensive income and at fair value through
profit or loss, on the basis of both:
the Company’s business model for managing finan-
cial assets, that is how it manages its financial assets
in order to generate cash flows (whether cash flows
will result from collecting contractual cash flows,
selling the financial assets, or both); and
the contractual cash flow characteristics of the in-
strument, to determine whether the instrument
gives rise to cash flows that are solely payments of
principal and interest (SPPI) based on the SPPI test.
For purposes of subsequent measurement, financial
assets are classified in three categories:
financial assets measured at amortized cost (debt
instruments);
financial assets designated at fair value through
OCI with no reclassification of cumulative gains and
losses upon derecognition (equity instruments); and
financial assets at fair value through profit or loss.
Financial assets measured at amortized cost
This category mainly includes trade receivables, other
financial assets and loan assets.
Financial assets at amortized cost are held within a
business model whose objective is to hold financial
assets in order to collect contractual cash flows and
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whose contractual terms give rise, on specified dates,
to cash flows that are solely payments of principal and
interest on the principal amount outstanding.
Such assets are initially recognized at fair value, ad-
justed for any transaction costs, and subsequently
measured at amortized cost using the effective inter-
est method and are subject to impairment.
Gains and losses are recognized in profit or loss when
the asset is derecognized, modified or impaired.
Financial assets at fair value through other
comprehensive income (FVOCI) – Equity
instruments
This category includes mainly equity investments in
other entities irrevocably designated as such upon in-
itial recognition.
Gains and losses on these financial assets are never
reclassified to profit or loss. The Company may trans-
fer the cumulative gain or loss within equity.
Equity instruments designated at fair value through
OCI are not subject to impairment testing.
Dividends on such investments are recognized in prof-
it or loss unless they clearly represent a recovery of a
part of the cost of the investment.
Financial assets at fair value through
profit or loss
This category mainly includes:
financial assets with cash flows that are not solely
payments of principal and interest, irrespective of
the business model;
financial assets held for trading because acquired
or incurred principally for the purpose of selling or
repurchasing in short term (i.e. securities, financial
investments in funds, etc.);
derivatives, including separated embedded deriva-
tives, held for trading or not designated as effective
hedging instruments;
contingent considerations.
Such financial assets are initially recognized at fair val-
ue with subsequent gains and losses from changes in
their fair value recognized through profit or loss.
This category also includes listed equity investments
which the Company had not irrevocably elected to
classify at fair value through OCI. Dividends on equity
investments are also recognized as other income in
the income statement when the right of payment has
been established.
5. Public Statement ESMA October 24, 2024 – Priority 1: Liquidity considerations (ESMA 32-193237008-8369 of October 24, 2024).
Impairment of financial assets
At each reporting date, the Company recognizes a loss
allowance for expected credit losses on trade receiva-
bles and other financial assets measured at amortized
cost, debt instruments measured at fair value through
other comprehensive income (FVOCI), contract assets
and all other assets within the scope of IFRS 9.
The Company has adopted an impairment model, de-
veloped in compliance with IFRS 9, which is based on
the determination of expected credit losses (ECL) us-
ing a forward-looking approach.
For trade receivables, contract assets and lease re-
ceivables, including those with a significant financial
component, the Company adopts the simplified ap-
proach, determining expected credit losses over a pe-
riod corresponding to the entire life of the receivable,
generally equal to 12 months.
For all financial assets other than trade receivables,
contract assets and lease receivables, the Company
applies the general approach under IFRS 9, based on
the assessment of a significant increase in credit risk
since initial recognition.
The Company recognizes in profit or loss, as an im-
pairment gain or loss, the amount of expected credit
losses (or reversal) that is required to adjust the loss
allowance at the reporting date.
For more information on the impairment of financial
assets, please see note 31 “Financial instruments”.
Cash and cash equivalents
This category includes deposits that are available on
demand or at very short term, as well as highly liquid
financial investments that are readily convertible into a
known amount of cash and which are subject to insig-
nificant risk of changes in value.
For the purposes of the statement of cash flows, cash
and cash equivalents do not include bank overdrafts at
the reporting date.
5
Financial liabilities at amortized cost
This category mainly includes borrowings, trade paya-
bles, lease liabilities and debt instruments.
Financial liabilities, other than derivatives, are rec-
ognized when the Company becomes a party to the
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contractual clauses of the instrument and are initially
measured at fair value adjusted for directly attribut-
able transaction costs. Financial liabilities are subse-
quently measured at amortized cost using the effec-
tive interest rate method. The effective interest rate is
the rate that exactly discounts the estimated future
cash payments or receipts over the expected life of
the financial instrument or a shorter period, where
appropriate, to the carrying amount of the financial
asset or liability.
Financial liabilities at fair value
through profit or loss
Financial liabilities at fair value through profit or loss
mainly include:
financial liabilities, held for trading if they are in-
curred for the purpose of repurchasing in the near
term;
derivative financial instruments entered into by the
Company that are not designated as hedging in-
struments as defined by IFRS 9;
financial liabilities that qualify as contingent consid-
eration.
Derecognition of financial assets and
liabilities
Financial assets are derecognized whenever one of
the following conditions is met:
the contractual right to receive the cash flows asso-
ciated with the asset expires;
the Company has transferred substantially all the
risks and rewards associated with the asset, trans-
ferring its rights to receive the cash flows of the
asset or assuming a contractual obligation to pay
such cash flows to one or more beneficiaries under
a contract that meets the requirements provided by
IFRS 9 (the “pass through test”);
the Company has not transferred or retained sub-
stantially all the risks and rewards associated with
the asset but has transferred control over the as-
set.
On derecognition of a financial asset, the Com-
pany recognizes the difference between the car-
rying amount (measured at the date of derecog-
nition) and the consideration received through
profit or loss.
Financial liabilities are derecognized when they are
extinguished, i.e. when the contractual obligation has
been discharged, cancelled or expired.
When an existing financial liability is replaced by an-
other from the same lender on substantially different
terms, or the terms of an existing liability are substan-
tially modified, such an exchange or modification is
treated as the derecognition of the original liability
and the recognition of a new liability. The difference
in the respective carrying amounts is recognized in
profit or loss.
Derivative financial instruments
Derivative instruments are classified as financial assets
or liabilities depending on the positive or negative fair
value and they are classified as “held for trading” with-
in “Other business models” and measured at fair value
through profit or loss, except for those designated as
effective hedging instruments.
All derivatives held for trading are classified as current
assets or liabilities.
Derivatives not held for trading purposes, but meas-
ured at fair value through profit or loss since they do
not qualify for hedge accounting and derivatives des-
ignated as effective hedging instruments are classified
as current or not current on the basis of their maturity
date and the Company intention to hold the financial
instrument until maturity or not.
For more details about derivatives and hedge ac-
counting, please see note 33.1 “Hedge accounting”.
Offsetting financial assets and liabilities
The Company offsets financial assets and liabilities
when:
there is a legally enforceable right to set off the rec-
ognized amounts, and
there is the intention of either to settle on a net ba-
sis, or to realize the asset and settle the liability si-
multaneously.
Non-current assets (or disposal groups)
classified as held for sale
and discontinued operations
In compliance with IFRS 5, non-current assets (or dis-
posal groups) are classified as held for sale if their car-
rying amount will be recovered principally through a
sale transaction, rather than through continuing use.
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This classification criterion is applicable only when
non-current assets (or disposal groups) are available
in their present condition for immediate sale and the
sale is highly probable.
For more details on the requirements for determin-
ing whether a sale is highly probable, please see
note 2.1 “Use of estimates and management judg-
ment”.
Employee benefits
Post employment and other long-term
benefits
In compliance with IAS 19, the Company determines,
separately for each plan, the liabilities related to em-
ployee benefits paid upon or after ceasing employ-
ment and other long-term benefits accrued during
the employment period. The Company uses actuarial
assumptions to estimate the amount of the future
benefits that employees have accrued at the report-
ing date (using the projected unit credit method) and
calculates the present value of the plans using an ap-
propriate discount rate.
The liability, net of any plan assets, is recognized on
an accruals basis over the vesting period of the re-
lated rights. These appraisals are performed by inde-
pendent actuaries.
If the plan assets exceed the present value of the re-
lated defined-benefit obligation, the surplus (up to
the limit of any cap) is recognized as an asset.
As regards the liabilities/(assets) of defined-bene-
fit plans, the cumulative actuarial gains and losses
from the actuarial measurement of the liabilities,
the return on the plan assets (net of the associated
interest income) and the effect of the asset ceiling
(net of the associated interest) are recognized by
the Company in other comprehensive income when
they occur. For other long-term benefits, the related
actuarial gains and losses are recognized through
profit or loss.
The Company is also involved in defined-contribu-
tion plans under which it pays fixed contributions to a
separate entity (a fund) and has no legal or construc-
tive obligation to pay further contributions if the fund
does not hold sufficient assets to pay all employee
benefits relating to employee service in the current
and prior periods. Such plans are usually aimed to
supplement pension benefits due to employees
post-employment. The related costs are recognized
in profit or loss on the basis of the amount of contri-
butions paid in the year.
Termination benefits
In compliance with IAS 19, liabilities for benefits due
to employees for the early termination of employee
service arise out of the Company’s decision to ter-
minate an employee’s employment before the normal
retirement date or an employee’s decision to accept
an offer of benefits in exchange for the termination of
employment.
Termination benefits are recognized at the earlier of
the following dates:
when the Company can no longer withdraw its offer
of benefits; and
when the Company recognizes a cost for a restruc-
turing that is within the scope of IAS 37 and involves
the payment of termination benefits.
The liabilities are measured on the basis of the nature
of the employee benefits.
Share-based payments
The Company undertakes share-based payment
transactions settled with equity instruments as part of
the remuneration policy adopted for the Chief Execu-
tive Officer and General Manager and for key manage-
ment personnel.
The most recent long-term incentive plans provide for
the grant to recipients of an incentive represented by
an equity component (settled with equity instruments)
and a monetary component (paid in cash), which will
accrue if specific conditions are met. In compliance
with IFRS 2, the monetary component is classified as
a cash-settled transaction if it is based on the price
(or value) of the equity instruments of the compa-
ny that issued the plan or, in other cases, as anoth-
er long-term employee benefit. In order to settle the
equity component through the bonus award of Enel
shares, a program for the purchase of treasury shares
to support these plans was approved. For more details
on share-based incentive plans, please see note 35
“Share-based payments.
For the equity component, the Company recogniz-
es the services rendered by employees as personnel
expenses over the period in which the conditions
for remaining in service and for achieving certain
results must be satisfied (vesting period) and indi-
rectly estimates their value, and the corresponding
increase in equity, on the basis of the fair value of
the equity instruments (i.e. the issuer shares) at the
grant date.
The overall expense recognized is adjusted at each re-
porting date until the vesting date to reflect the best
estimate available to Enel of the number of equity
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instruments for which the service and performance
conditions other than market conditions will be satis-
fied at the vesting date.
Conversely, if the incentive based on equity instru-
ments is paid in cash, the Company recognizes the
services rendered by employees as personnel ex-
penses over the vesting period and a corresponding
liability measured at the fair value of the liability in-
curred.
Subsequently, and until its extinction, the liability is
remeasured at fair value at each reporting date, con-
sidering the best possible estimate of the incentive
that will vest, with changes in fair value recognized
under personnel expenses.
Provisions for risks and charges
In compliance with IAS 37, provisions are recognized
where there is a legal or constructive obligation as a
result of a past event at the end of the reporting pe-
riod, the settlement of which is expected to result in
an outflow of resources whose amount can be reli-
ably estimated. Where the impact of the time value
of money is material, the accruals are determined by
discounting expected future cash flows using a pre-
tax discount rate that reflects the current market as-
sessment of the time value of money and the risks for
which the expected future cash flows have not been
adjusted.
If the provision is discounted, the periodic adjustment
of the present value for the time factor (i.e. the un-
winding of the discount) is recognized as a financial
expense.
When the Company expects some or all charges to
be reimbursed, the reimbursement is recognized as a
separate asset, but only when the reimbursement is
virtually certain.
Provisions do not include liabilities to reflect uncer-
tainties in income tax treatments that are recognized
as tax liabilities.
Changes in estimates of accruals to the provisions
are recognized in the income statement in the year in
which the changes occur.
Revenue from contracts
with customers
The Company recognizes revenue from contracts with
customers at an amount that reflects the considera-
tion to which the Company expects to be entitled in
exchange for those goods or services using a five-
step model provided for in IFRS 15:
identify the contract with the customer (step 1);
identify the performance obligations in the contract
(step 2);
determine the transaction price (step 3);
allocate transaction price, at contract inception, to
each separate performance obligation (step 4);
recognize revenue (step 5).
The Company recognizes revenue when (or as) each
performance obligation is satisfied by transferring the
promised good or service to the customer.
Financial income and expense
from derivatives
Financial income and expense from derivatives in-
clude:
income and expense from derivatives measured at
fair value through profit or loss on interest rate and
currency risk;
income and expense from cash flow hedge deriva-
tives on interest rate and currency risks.
Other financial income and expense
For all financial assets and liabilities measured at am-
ortized cost and interest-bearing financial assets clas-
sified as at fair value through other comprehensive
income, interest income and expense are recognized
using the effective interest rate method.
Interest income is recognized to the extent that it is
probable that the economic benefits will flow to the
Company and the amount can be reliably measured.
Other financial income and expense include also
changes in the fair value of financial instruments other
than derivatives.
Dividends
In compliance with “IFRS 9 - Financial instruments”,
dividends are recognized when the unconditional
right to receive payment is established.
Dividends and interim dividends payable to the Com-
pany’s shareholders are recognized as changes in eq-
uity in the period in which they are approved by the
Shareholders’ Meeting and the Board of Directors, re-
spectively.
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1. Report on Operations 2. Corporate governance 3. Separate financial statements 4. Reports
Income taxes
IAS 12 specifies the requirements for the recognition
of current and deferred tax assets and liabilities. The
uncertainty in the determination of tax liabilities is de-
fined in accordance with the provisions of “IFRIC 23
- Uncertainty over income tax treatments”.
Current income taxes
Current income taxes for the year, which are recog-
nized under “income tax liabilities” net of payments on
account, or under “tax assets” where there is a credit
balance, are determined using an estimate of taxable
income and in conformity with the applicable regula-
tions.
In particular, such liabilities and assets are determined
using the tax rates and tax laws that are enacted or
substantively enacted by the end of the reporting pe-
riod in the countries where taxable income has been
generated.
Current income taxes are recognized in profit or loss
with the exception of current income taxes related to
items recognized outside profit or loss that are recog-
nized in equity.
Deferred tax liabilities and assets
Deferred tax liabilities and assets are calculated on
the temporary differences between the carrying
amounts of liabilities and assets in the financial state-
ments and their corresponding amounts recognized
for tax purposes on the basis of tax rates in effect on
the date the temporary difference will reverse, which
is determined on the basis of tax rates that are en-
acted or substantively enacted as at end of the re-
porting period.
Deferred tax liabilities are recognized for all taxable
temporary differences, except when such liability
arises: (i) from the initial recognition of an asset or li-
ability in a transaction which is not a business combi-
nation, at the time of the transaction, affects neither
accounting profit nor taxable profit, and does not
give rise to equal taxable and deductible temporary
differences; or (ii) in respect of taxable temporary dif-
ferences associated with investments in subsidiaries,
associates and interests in joint ventures, when the
Company can control the timing of the reversal of
the temporary differences and it is probable that the
temporary differences will not reverse in the foresee-
able future.
Deferred tax assets are recognized for all deductible
temporary differences, the carryforward of tax losses
and unused tax credits. For more information con-
cerning the recoverability of such assets, please see
the appropriate section of the discussion of estimates.
Deferred taxes and liabilities are recognized in profit
or loss, with the exception of those in respect of items
recognized outside profit or loss that are recognized
in equity.
Deferred tax assets and deferred tax liabilities are off-
set only if there is a legally enforceable right to offset
current tax assets with current tax liabilities and when
they relate to income taxes levied by the same taxation
authority on either the same taxable entity or different
taxable entities which intend either to settle current
tax liabilities and assets on a net basis, or to realize the
assets and settle the liabilities simultaneously, in each
future period in which significant amounts of deferred
tax liabilities or assets are expected to be settled or
recovered.
Uncertainty over income tax treatments
In defining ‘uncertainty’, it shall be considered whether
a particular tax treatment will be accepted by the rel-
evant taxation authority. If it is deemed probable that
the tax treatment will be accepted (where the term
‘probable’ is defined as ‘more likely than not’), then the
Company recognizes and measures its current/de-
ferred tax asset or liabilities applying the requirements
in IAS 12.
Conversely when the Company feels that it is not likely
that the taxation authority will accept the tax treat-
ment for income tax purposes, the Company reflects
the uncertainty in the manner that best predicts the
resolution of the uncertain tax treatment.
For more information on uncertainty over tax treat-
ments please see note 2.1 “Use of estimates and man-
agement judgment”.
Since uncertain income tax positions meet the defini-
tion of income taxes, the Company presents uncertain
tax liabilities/assets as current tax liabilities/assets or
deferred tax liabilities/assets.
Guarantee contracts
Financial guarantee contracts are initially measured
and recognized at fair value by the Company in com-
pliance with “IFRS 9 - Financial instruments”. Subse-
quently, guarantees are measured at the higher of:
the amount of the expected credit loss (ECL) allow-
ance determined in accordance with IFRS 9; and
the amount initially recognized less, when appropri-
ate, the cumulative amount of income recognized in
accordance with IFRS 15.
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These provisions also apply to commercial guarantee
contracts that do not represent insurance contracts
because they do not transfer significant insurance
risks to the issuer and meet the conditions to be rec-
ognized and measured as financial instruments under
IFRS 9.
2.3 Climate change disclosures
Enel is committed to developing a business model in
line with the Paris Agreement (COP21) goals in order
to limit the average global temperature increase to
below 1.5 °C and to achieve zero emissions by 2040,
promoting the key role of electricity as an energy
carrier to drive the transition to a “Net Zero” global
economy by 2050. Through its business strategy, the
Group is committed to define the drivers and the in-
vestments necessary to develop climate change mit-
igation and adaptation actions throughout its value
chain.
Zero emissions ambition:
the decarbonization plan
for mitigation of climate changes
The commitment to fighting climate change is an in-
tegral part of Enel’s strategy, both in the short term as
well as in the long term, by means of a decarbonization
plan that covers both direct as well as indirect emis-
sions along the entire value chain. This strategy, which
is based on four objectives certified by the Science
Based Targets initiative (SBTi), in line with the limitation
of global warming to 1.5 ºC, is concentrated on the fol-
lowing business lines of action.
Decarbonization of the energy mix: development
of new renewable capacity and simultaneous exit
from thermal generation by 2040. In this sense,
the Group confirms its goal to phase out coal-fired
generation by 2027, subject to approval from the
relevant authorities, converting the sites to other
uses. These objectives can be reached also due to
the absence of blocked emissions associated with
the Group’s activities that could therefore delay
and/or block the business commitments to close
the plants.
Push toward electrification and phase-out of retail
gas: development of electricity technologies that are
more efficient and convenient for consumers, pro-
moting the electrification of uses and the progressive
minimization of the gas portfolio of customers over
the medium and long term.
Grid development and enhancement: reinforcement
of the role of grids with an investment plan aimed at
increasing resilience, digitalization and flexibility to
support the connection of millions of customers and
prosumers and balance the intermittent energy supply
generated directly by renewable plants.
The investments supporting the transition plan are an
integral part of the Group’s Strategic Plan, including
the alignment with the decarbonization objectives and
the criteria of EU Taxonomy.
For more information on financial implications of cli-
mate change-related topics, see note 2.1 “Use of es-
timates and management judgments” and the notes
relating to specific items.
2.4 Minimum tax
The Pillar II - Global Anti-Base Erosion Model Rules
(GloBE Rules), which are intended to ensure that large
multinational enterprises pay a minimum level of in-
come tax in each jurisdiction in which they operate,
have been enacted or substantially enacted in certain
jurisdictions in which the Enel Group operates. Direc-
tive 2022/2523/EU on ensuring a global minimum level
of taxation for multinational groups was implement-
ed in Italy by Legislative Decree 209 of December 27,
2023.
In general, the rules envisage the application of a “top-
up” tax to the excess profit in a jurisdiction to bring the
effective tax rate on that income up to a minimum of
15%.
For this purpose, the Group has conducted an assess-
ment of its potential exposure to the top-up tax in
such jurisdictions, which found that there are a limited
number of circumstances in which the effective tax
rate is below 15%.
On the basis of this assessment, the potential top-up
tax that the Enel Group will have to pay as the differ-
ence between the effective tax rates calculated per ju-
risdiction based on the GloBE Rules and the minimum
rate of 15% will not have a significant impact.
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1. Report on Operations 2. Corporate governance 3. Separate financial statements 4. Reports
In application of the provisions of the amendment of
“IAS 12 - International Tax Reform – Pillar II Model Rules”,
the Group has applied the mandatory temporary ex-
emption to requirements regarding deferred taxes
deriving from the application of Pillar II. The Group will
recognize the taxes emerging from the application of
the rules as current taxes when they are incurred (see
note 12 “Deferred tax assets and liabilities”).
3. New and amended standards and interpretations
The Company has applied the following standards,
interpretations and amendments that took effect as
from January 1, 2024:
Amendments to IAS 7 – Statement of cash flows
and IFRS 7 – Financial Instruments Disclosures: Sup-
plier Finance Arrangements, issued in May 2023.
The amendments clarify the characteristics of sup-
plier finance arrangements (SFAs) and require the
provision of additional disclosures to enable users of
financial statements to evaluate the impact of such
arrangements on liabilities, cash flows and exposure
to liquidity risk. The amendments also clarify that
these arrangements provide the entity with extend-
ed payment terms, or the entity’s suppliers with ear-
ly payment terms, compared to the related payment
due date. The amendments to IAS 7 provide a list
of disclosures, to be reported in aggregate form, for
SFAs with similar characteristics.
The amendments to IFRS 7 add SFAs to the list of
factors that could be considered when providing
required disclosures on liquidity risk management,
and include such arrangements as a possible source
of concentration of liquidity risk. The IASB does not
require disclosure of comparative information or
disclosure of opening balances during the first year
of application.
Amendments to IAS 1 - Classification of Liabilities
as Current or Non-current, issued in January 2020.
The amendments regard the provisions of IAS 1
concerning the presentation of liabilities. More spe-
cifically, the amendments eliminate the requirement
that the right to defer be unconditional and clarify:
the criteria to adopt in classifying a liability as cur-
rent or non-current, specifying the meaning of
right to defer settlement and that that right must
exist at the end of the reporting period;
that the classification is unaffected by the inten-
tions or expectations of management about the
exercise of the right to defer settlement of a liability;
that the right to defer exists if and only if the en-
tity satisfies the terms of the liability at the end of
the reporting period, even if the creditor does not
verify compliance with those terms until later; and
that settlement regards the transfer to the coun-
terparty of cash, equity instruments, other assets
or services. In this regard, terms of a liability that
could, at the option of the counterparty, result in
its settlement by the transfer of the entity’s own
equity instruments (e.g. conversion options) do
not affect its classification as current or non-cur-
rent if, applying IAS 32, the entity classifies the op-
tion as an equity instrument, recognizing it sepa-
rately from the liability.
Amendments to IAS 1 - Non-current Liabilities with
Covenants, issued in October 2022. The amend-
ments are intended to:
clarify that the classification of a liability as current
or non-current is subject to any covenants, pres-
ent in the arrangement if an entity is required to
comply with the covenant on or before the end of
the reporting period; and
improve disclosure when the right to defer settle-
ment of a liability for at least 12 months is subject
to compliance with covenants. Specifically, the
amendments require disclosures that enable us-
ers of financial statements to understand the risk
that the liabilities could become repayable within
12 months after the reporting period, including:
(i) information about the covenants (including the
nature of the covenants and when the entity is
required to comply with them) and the carrying
amount of related liabilities; (ii) facts and circum-
stances, if any, that indicate the entity may have
difficulty complying with the covenants.
Amendments to IFRS 16 - Lease Liability in a Sale
and Leaseback, issued in September 2022. The
amendments specify the criteria that the seller-les-
see shall use in measuring the liability arising from
a sale and leaseback transaction in order to en-
sure that the seller-lessee does not recognize any
amount of the gain or loss that relates to the right of
use retained by the seller-lessee.
Specifically, IFRS 16 requires the seller-lessee to
measure the right-of-use asset arising from a sale
and leaseback transaction in proportion to the pre-
vious carrying amount of the asset in respect of the
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retained right-of-use and, consequently, to recog-
nize only the amount of any capital gain or loss re-
lating to the rights transferred to the buyer-lessor.
Moreover, the amendments apply to sale and lease-
back transaction in which lease payments include
variable payments that do not depend on an index
or rate.
The application of these amendments has not had a
material impact in these financial statements.
Information on the Income Statement
Revenue
4.a Revenue from sales and services – €110 million
Millions of euro 2024 2023 Change
Group companies 109 107 2
Third parties 1 - 1
Total revenue from sales and services 110 107 3
Revenue from sales and services includes manage-
ment services provided to the subsidiaries within the
management and coordination role as Parent Com-
pany (€76 million), IT services (€29 million) and other
services (€5 million).
The increase of €3 million reflected the increase in
revenue from management services (€11 million), off-
set by the decrease in revenue from IT services (€7
million) and other services (€1 million).
Revenue from sales and services breaks down by geo-
graphical segment as follows:
€60 million in Italy (€52 million in 2023);
€16 million in the European Union (€18 million in
2023);
€34 million in other countries (€37 million in 2023).
4.b Other income – €11 million
Other income” mainly includes the billing of costs for
Enel SpA personnel seconded to other Group compa-
nies (€8 million), and to Fondazione Centro Studi Enel
and Enel Cuore Onlus (a total €2 million). In 2023 the
item included the capital gain of €43 million, on the
sale of the interest held in the joint venture Rusener-
gosbyt LLC.
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1. Report on Operations 2. Corporate governance 3. Separate financial statements 4. Reports
Costs
5.a Purchase of consumables
Costs for the purchase of consumables did not change significantly on the previous year.
5.b Services, leases and rentals – €177 million
Millions of euro 2024 2023 Change
Services 170 197 (27)
Leases and rentals 7 5 2
Total services, leases and rentals 177 202 (25)
Costs for services include costs for services provided
by third parties in the amount of €55 million (€75 mil-
lion in 2023) and by Group companies in the amount of
€115 million (€122 million in 2023).
Costs for services provided by third parties decreased
by €20 million, reflecting a decrease in costs for sys-
tem services (€23 million), partly offset by the increase
in costs for advertising and sponsorship (€4 million).
Costs for services provided by Group companies de-
creased by €7 million, due to the decrease in costs for
system services (€6 million) and management services
(€2 million).
Costs for leases and rentals are represented by lease
costs for assets owned by the subsidiary Enel Italia
SpA (€5 million) and costs for operating leases (€2
million).
5.c Personnel expenses – €146 million
Millions of euro Notes 2024 2023 Change
Wages and salaries 93 87 6
Social security contributions 28 26 2
Post-employment benefits 24 8 7 1
Other long-term benefits 24 1 (3) 4
Share-based payments 4 2 2
Other costs and other incentive plans 12 16 (4)
Total personnel expenses 146 135 11
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Personnel expenses increased by €11 million com-
pared with 2023, mainly attributable to the increase
in the average number of employees and the head-
count.
The table below shows the average number of em-
ployees by category, compared with the previous year,
and the actual number of employees at December 31,
2024.
Average number Headcount
No. 2024 2023 Change at Dec. 31, 2024
Managers 184 165 19 189
Middle managers 593 488 105 668
White collar 271 249 22 273
Total 1,048 902 146 1,130
5.d Depreciation, amortization and impairment losses – €3,585 million
Millions of euro 2024 2023 Change
Depreciation 5 4 1
Amortization 83 47 36
Impairment losses 3,497 668 2,829
Reversals of impairment losses - - -
Total depreciation, amortization, and impairment losses 3,585 719 2,866
The item came to €88 million and includes deprecia-
tion of €5 million and amortization of €83 million.
Impairment losses include impairment losses on the
equity investments held in the subsidiaries Enel Hold-
ing Finance Srl (€2,587 million), Enel Finance Interna-
tional NV (€862 million), as a result of the impairment
test carried out after the partial distribution of avail-
able capital reserves, and Enel Reinsurance - Com-
pagnia di riassicurazione SpA (€47 million).
The item also includes impairment losses and reversals
of trade and other receivables totaling €1 million.
For details on the criteria used to determine the im-
pairment losses, see note 13 “Equity investments” be-
low.
5.e Other operating costs – €14 million
Other operating costs decreased by €33 million. In
2023, the item reflected the waiver of receivables of
the Company and other Group companies in respect
of Enel Generación Costanera SA in the amount of €21
million and uncollected receivables due from Rusener-
gosbyt LLC (€11 million).
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1. Report on Operations 2. Corporate governance 3. Separate financial statements 4. Reports
6. Income from equity investments – €6,563 million
Millions of euro 2024 2023 Change
Dividends from subsidiaries 6,562 4,269 2,293
Enel Américas SA 399 88 311
Enel Chile SA 216 285 (69)
Enel Finance International NV 1,075 - 1,075
Enel Global Trading SpA 1,103 - 1,103
Enel Green Power SpA 166 - 166
Enel Grids Srl - 267 (267)
Enel Holding Finance Srl 3,225 - 3,225
Enel Iberia SRLU 375 1,415 (1,040)
Enel Italia SpA - 2,214 (2,214)
Enelpower Srl 3 - 3
Dividends from joint ventures 1 - 1
Empresa Propietaria de la Red SA 1 - 1
Total income from equity investments 6,563 4,269 2,294
The item regards dividends approved by subsidiaries,
associates and other companies, up by €2,294 million
compared with 2023, mainly reflecting:
the distribution of available reserves by the sub-
sidiaries Enel Holding Finance Srl in the amount
of €3,225 million and the Dutch company Enel
Finance International NV in the amount of €1,075
million;
the distribution of dividends by Enel Global Trading
SpA in the amount of €1,103 million;
a decrease in the distribution of dividends by Enel
Iberia SRLU in the amount of €1,040 million.
Enel Italia SpA and Enel Grids Srl did not approve any
dividend distribution.
At year end, outstanding interim dividends for 2024 in-
cluded those approved by the subsidiaries Enel Iberia
SRLU (€300 million), Enel Américas SA (€294 million)
and Enel Chile SA (€35 million), which were collected
in January and February 2025.
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7. Net financial income/(expense) from derivatives – €96 million
Millions of euro 2024 2023 Change
Income from derivatives
- on behalf of Group companies: 401 762 (361)
- income from derivatives at fair value through profit
or loss
401 762 (361)
- on behalf of Enel SpA: 149 145 4
- income from cash flow hedge derivatives 130 121 9
- income from derivatives at fair value through profit
or loss
19 24 (5)
Total income from derivatives 550 907 (357)
Expense from derivatives
- on behalf of Group companies: 398 766 (368)
- expense from derivatives at fair value through profit
or loss
398 766 (368)
- on behalf of Enel SpA: 56 103 (47)
- expense from cash flow hedge derivatives 36 67 (31)
- expense from derivatives at fair value through profit
or loss
20 36 (16)
Total expense from derivatives 454 869 (415)
TOTAL FINANCIAL INCOME/(EXPENSE)
FROM DERIVATIVES
96 38 58
Net financial income from derivatives on interest and
exchange rates came to €96 million (€38 million in
2023).
The increase of €58 million reflects the decrease
in net financial expense on cash flow hedge deriv-
atives (€40 million), the decrease in net financial ex-
pense on derivatives at fair value through profit or
loss (€11 million), entered into on behalf of Enel SpA,
and the decrease in net financial expense on deriv-
atives entered into on behalf of Group companies
(€7 million).
Net financial income/(expense) recognized in 2024 on
both cash flow hedge derivatives and on derivatives at
fair value through profit or loss mainly regard hedges
on exchange rate risk.
For more details on derivatives, see note 31 ““Finan-
cial instruments” and note 33 “Derivatives and hedge
accounting.
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1. Report on Operations 2. Corporate governance 3. Separate financial statements 4. Reports
8. Net other financial income/(expense) – €(404) million
Millions of euro 2024 2023 Change
Other financial income
Interest income
Interest income on short-term financial assets 348 235 113
Total 348 235 113
Exchange gains 14 32 (18)
Other 186 214 (28)
Total 200 246 (46)
Total other financial income 548 481 67
Other financial expense
Interest expense
Interest expense on bank borrowings 145 163 (18)
Interest expense on bonds 140 240 (100)
Interest expense on other borrowings 594 449 145
Total 879 852 27
Exchange losses 64 32 32
Interest expense on defined-benefit plans and other
long-term employee benefits
5 6 (1)
Financial expense on debt management transactions - 7 (7)
Other 4 55 (51)
Total 73 100 (27)
Total other financial expense 952 952 -
NET OTHER FINANCIAL INCOME/(EXPENSE) (404) (471) 67
Other financial income amounted to €548 million, an
increase of €67 million on 2023, mainly reflecting:
an increase of €113 million in interest income on
short-term financial assets;
a decrease of €18 million in exchange gains, mainly
reflecting developments in exchange rates associ-
ated with net debt denominated in currencies other
than the euro;
a decrease of €28 million in other interest income on
guarantees issued on behalf of Group companies.
Other financial expense amounted to €952 million,
and did not change compared with 2023.
The increase in financial expense on other borrowings
(€145 million) and in exchange losses (€32 million) was
offset by the decrease in interest expense on bonds
(€100 million) and bank borrowings (€18 million), lower
charges on guarantees from third parties (€51 million)
and lower financial expense on debt management
transactions.
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9. Income taxes – €(144) million
Millions of euro 2024 2023 Change
Current taxes (148) (141) (7)
Deferred tax income 1 - 1
Deferred tax expense 3 5 (2)
Total taxes (144) (136) (8)
Income taxes for 2024 showed a benefit of €144 mil-
lion, mainly as a result in the reduction in the tax base
for the corporate income tax (IRES) compared with
pre-tax profit due to the exclusion of 95% of the divi-
dends received from the subsidiaries and the deduct-
ibility of Enel SpAs interest expense for the Group in
accordance with corporate income tax law (Article 96
of the Consolidated Income Tax Code).
The following table reconciles the theoretical tax rate
with the effective tax rate.
Millions of euro 2024 % 2023 %
Pre-tax profit 2,454 2,896
Theoretical corporate income taxes (IRES) 589 24.0% 695 24.0%
Tax decreases:
- dividends on equity investments, collected (536) -21.8% (973) -33.6%
- dividends on equity investments, not collected (8) -0.3% (5) -
- uses of provisions (13) -0.5% (12) -0.4%
- other (1,072) -43.7% (47) -1.6%
Tax increases:
- impairment losses/(gains) for the year 839 34.2% 145 5.0%
- accruals to provisions 11 0.4% 12 -
- prior-year expense 1 - 8 0.3%
- other 7 0.3% 7 0.2%
Total current corporate income taxes (IRES) (182) -7.4 % (170) -5.9%
Foreign taxes (10) -0.4% 39 -
Difference on estimated income taxes from prior years 21 0.9% - -
Withholdings on dividends from foreign equity
investments
23 0.9% - -
Total deferred tax items 4 0.2% 4 0.1%
- of which changes for the year 4 5
- of which difference of prior-year estimates - (1)
TOTAL INCOME TAXES (144) -5.9% (127) -5.7%
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1. Report on Operations 2. Corporate governance 3. Separate financial statements 4. Reports
Information on the Statement of Financial Position
Assets
10. Property, plant and equipment – €11 million
Millions of euro Land Buildings
Plant and
machinery
Industrial
and
commercial
equipment
Other
assets
Leasehold
improvements
Assets under
construction
and
advances Total
Cost 1 6 3 5 35 42 - 92
Accumulated depreciation - (5) (3) (5) (27) (41) - (81)
Balance at Dec. 31, 2022 1 1 - - 8 1 - 11
Capital expenditure - - - - 3 - - 3
Entry into service - - - - - - - -
Depreciation - - - - (4) (1) - (5)
Total changes - - - - (1) (1) - (2)
Cost 1 6 3 5 38 42 - 95
Accumulated depreciation - (5) (3) (5) (31) (42) - (86)
Balance at Dec. 31, 2023 1 1 - - 7 - - 9
Capital expenditure - - - - 5 - - 5
Entry into service - - - - - - - -
Depreciation - - - - (3) - - (3)
Total changes - - - - 2 - - 2
Cost 1 6 3 5 43 42 - 100
Accumulated depreciation - (5) (3) (5) (34) (42) - (89)
Balance at Dec. 31, 2024 1 1 - - 9 - - 11
Property, plant and equipment totaled €11 million,
an increase of €2 million on December 31, 2023
reflecting the positive balance between capital ex-
penditure for 2024 (€5 million) and depreciation
recognized (€3 million).
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11. Intangible assets – €76 million
Intangible assets, all of which have a finite useful life, break down as follows.
Millions of euro
Industrial patents and intellectual
property rights
Other intangible assets
under development Total
Balance at Dec. 31, 2022 76 57 133
Investments 4 41 45
Assets entering service - - -
Amortization (47) - (47)
Total changes (43) 41 (2)
Balance at Dec. 31, 2023 33 98 131
Investments - 28 28
Assets entering service 97 (97) -
Amortization (83) - (83)
Total changes 14 (69) (55)
Balance at Dec. 31, 2024 47 29 76
Industrial patents and intellectual property rights, in
the amount of €47 million (€33 million in 2023), mainly
regard costs incurred in purchasing applications soft-
ware. Amortization is calculated on a straight-line ba-
sis over the items residual useful life (three years on
average).
Other intangible assets under development amount-
ed to €29 million, a decrease of €69 million, mainly
due to past investments entered in operation related
to IT projects, digital development projects for the
computerization of business processes, compliance
and reporting of Holding Company Staff functions, in
particular in the areas of Administration, Finance and
Control, Legal, Corporate, Regulatory and Antitrust
Affairs, External Relations, People and Organization
and Audit.
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1. Report on Operations 2. Corporate governance 3. Separate financial statements 4. Reports
12. Deferred tax assets and liabilities – €111 million and €33 million
Millions of euro at Dec. 31, 2023
Increase/
(Decrease) taken
to profit or loss
Increase/
(Decrease) taken
to equity at Dec. 31, 2024
Deferred tax assets
Nature of temporary differences:
- provisions for risks and charges
and impairment losses
7 6 - 13
- measurement of financial instruments 64 - 7 71
- other items 35 (8) - 27
Total deferred tax assets 106 (2) 7 111
Deferred tax liabilities
Nature of temporary differences:
- measurement of financial instruments (38) - 13 (25)
- other items (5) (3) - (8)
Total deferred tax liabilities (43) (3) 13 (33)
Excess net deferred IRES tax assets
after any offsetting
63 78
Deferred tax assets totaled €111 million (€106 million
at December 31, 2023) and essentially regard deferred
tax assets on the fair value measurement of cash flow
hedges.
Deferred tax liabilities came to €33 million (€43 mil-
lion at December 31, 2023) and mainly regard deferred
taxes on the fair value measurement of cash flow
hedge instruments.
The amount of deferred tax assets and liabilities was
determined by applying a rate of 24% for IRES.
13. Equity investments – €58,478 million
The table below shows the changes during the year
for each investment, with the corresponding carrying
amounts at the beginning and end of the year, as well
as the list of investments held in subsidiaries, joint ven-
tures, associates and other companies.
Graphics
Notes to the separate financial statements
94
REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
Millions of euro Original cost
Impairment
(losses)/gains
Other
changes -
IFRIC 11 &
IFRS 2
Carrying
amount % holding
Capital
contributions
and loss
coverage
Mergers/
Spin-offs
Value
adjustments
Net
change
Original
cost
Impairment
(losses)/gains
Other changes -
IFRIC 11 & IFRS 2
Carrying
amount % holding
at Dec. 31, 2023 Changes in 2024 at Dec. 31, 2024
A) Subsidiaries
Enel Global Services Srl 70 - 2 72 100.0 - -
- - 70 - 3 73 100.0
Enel Global Trading SpA 1,401 - 2 1,403 100.0 - - - - 1,401 - 3 1,404 100.0
Enel Green Power SpA 2,063 (1,369) 5 699 100.0 - - - - 2,063 (1,369) 6 700 100.0
Enel Grids Srl 59 - 3 62 100.0 - - - - 59 - 4 63 100.0
Enel Holding Finance Srl
(1)
7,874 - - 7, 874 100.0 - - (2,587) (2,587) 7,874 (2,587) - 5,287 100.0
Enel Iberia SRLU 13,713 - 1 13,714 100.0 - - - - 13,713 - 1 13,714 100.0
Enel Innovation Hubs Srl 70 (63) - 7 100.0 - - - - 70 (63) - 7 100.0
Enel Insurance NV 602 - - 602 100.0 - (602) - (602) - - - - -
Enel Investment Holding BV 4,497 (4,492) - 5 100.0 - - - - 4,497 (4,492) - 5 100.0
Enel Italia SpA 12,763 - 6 12,769 100.0 - - - - 12,763 - 7 12,770 100.0
Enel North America Inc. 5,537 - 1 5,538 100.0 1,050 - - 1,050 6,587 - 1 6,588 100.0
Enel Reinsurance -
Compagnia di
riassicurazione SpA
(1)
4 - - 4 100.0 - 602 (47) 555 606 (47) - 559 100.0
Enel X Srl 239 - 3 242 100.0 - - - - 239 - 4 243 100.0
Enel X Way Srl 916 - - 916 100.0 - - - - 916 - - 916 100.0
Enelpower Srl 189 (163) - 26 100.0 - - - - 189 (163) - 26 100.0
Vektör Enerjí Üretím Anoním
Şírketí
- - - - 100.0 - - - - - - - - 100.0
Enel Américas SA 11,658 - - 11,658 82.3 - - - - 11,658 - - 11,658 82.3
Enel Chile SA 2,671 - - 2,671 64.9 - - - - 2,671 - - 2,671 64.9
Enel Finance International NV 2,624 - - 2,624 25.0 - - (862) (862) 2,624 (862) - 1,762 25.0
Enel Green Power Chile SA - - - - - - - - - - - - - -
Total subsidiaries 66,950 (6,087) 23 60,886 1,050 - (3,496) (2,446) 68,000 (9,583) 29 58,446
B) Associates
CESI SpA 23 - - 23 42.7 - -
- - 23 - - 23 42.7
Total associates 23 - - 23 - - - - 23 - - 23
C) Other companies
Compañía de Transmisión
del Mercosur SA
- - - - - - -
- - - - - - -
Elcogas SA in liquidation 5 (5) - - 4.3 - - - - 5 (5) - - 4.3
Empresa Propietaria de la
Red SA
5 3 - 8 11.1 - - 1 1 5 4 - 9 11.1
Idrosicilia SpA - - - - 1.0 - - - - - - - - 1.0
Red Centroamericana de
Telecomunicaciones SA
- - - - 11.1 - - - - - - - - 11.1
Total other companies 10 (2) - 8 - - 1 1 10 (1) - 9
TOTAL EQUITY
INVESTMENTS
66,983 (6,089) 23 60,917 1,050 - (3,495) (2,445) 68,033 (9,584) 29 58,478
(1) The balance at December 31, 2023 reflects a more accurate calculation of the aggregate.
Graphics
Notes to the separate financial statements
95
REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
1. Report on Operations 2. Corporate governance 3. Separate financial statements 4. Reports
Millions of euro Original cost
Impairment
(losses)/gains
Other
changes -
IFRIC 11 &
IFRS 2
Carrying
amount % holding
Capital
contributions
and loss
coverage
Mergers/
Spin-offs
Value
adjustments
Net
change
Original
cost
Impairment
(losses)/gains
Other changes -
IFRIC 11 & IFRS 2
Carrying
amount % holding
at Dec. 31, 2023 Changes in 2024 at Dec. 31, 2024
A) Subsidiaries
Enel Global Services Srl 70 - 2 72 100.0 - -
- - 70 - 3 73 100.0
Enel Global Trading SpA 1,401 - 2 1,403 100.0 - - - - 1,401 - 3 1,404 100.0
Enel Green Power SpA 2,063 (1,369) 5 699 100.0 - - - - 2,063 (1,369) 6 700 100.0
Enel Grids Srl 59 - 3 62 100.0 - - - - 59 - 4 63 100.0
Enel Holding Finance Srl
(1)
7,874 - - 7, 874 100.0 - - (2,587) (2,587) 7,874 (2,587) - 5,287 100.0
Enel Iberia SRLU 13,713 - 1 13,714 100.0 - - - - 13,713 - 1 13,714 100.0
Enel Innovation Hubs Srl 70 (63) - 7 100.0 - - - - 70 (63) - 7 100.0
Enel Insurance NV 602 - - 602 100.0 - (602) - (602) - - - - -
Enel Investment Holding BV 4,497 (4,492) - 5 100.0 - - - - 4,497 (4,492) - 5 100.0
Enel Italia SpA 12,763 - 6 12,769 100.0 - - - - 12,763 - 7 12,770 100.0
Enel North America Inc. 5,537 - 1 5,538 100.0 1,050 - - 1,050 6,587 - 1 6,588 100.0
Enel Reinsurance -
Compagnia di
riassicurazione SpA
(1)
4 - - 4 100.0 - 602 (47) 555 606 (47) - 559 100.0
Enel X Srl 239 - 3 242 100.0 - - - - 239 - 4 243 100.0
Enel X Way Srl 916 - - 916 100.0 - - - - 916 - - 916 100.0
Enelpower Srl 189 (163) - 26 100.0 - - - - 189 (163) - 26 100.0
Vektör Enerjí Üretím Anoním
Şírketí
- - - - 100.0 - - - - - - - - 100.0
Enel Américas SA 11,658 - - 11,658 82.3 - - - - 11,658 - - 11,658 82.3
Enel Chile SA 2,671 - - 2,671 64.9 - - - - 2,671 - - 2,671 64.9
Enel Finance International NV 2,624 - - 2,624 25.0 - - (862) (862) 2,624 (862) - 1,762 25.0
Enel Green Power Chile SA - - - - - - - - - - - - - -
Total subsidiaries 66,950 (6,087) 23 60,886 1,050 - (3,496) (2,446) 68,000 (9,583) 29 58,446
B) Associates
CESI SpA 23 - - 23 42.7 - -
- - 23 - - 23 42.7
Total associates 23 - - 23 - - - - 23 - - 23
C) Other companies
Compañía de Transmisión
del Mercosur SA
- - - - - - -
- - - - - - -
Elcogas SA in liquidation 5 (5) - - 4.3 - - - - 5 (5) - - 4.3
Empresa Propietaria de la
Red SA
5 3 - 8 11.1 - - 1 1 5 4 - 9 11.1
Idrosicilia SpA - - - - 1.0 - - - - - - - - 1.0
Red Centroamericana de
Telecomunicaciones SA
- - - - 11.1 - - - - - - - - 11.1
Total other companies 10 (2) - 8 - - 1 1 10 (1) - 9
TOTAL EQUITY
INVESTMENTS
66,983 (6,089) 23 60,917 1,050 - (3,495) (2,445) 68,033 (9,584) 29 58,478
(1) The balance at December 31, 2023 reflects a more accurate calculation of the aggregate.
Graphics
Notes to the separate financial statements
96
REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
The table below reports changes in equity investments in 2024.
Millions of euro
Increases
Capital contribution to Enel North America Inc. 1,050
Revaluation of investment held in Empresa Propietaria de la Red SA 1
Total increases 1,051
Decreases
Impairment loss on Enel Holding Finance Srl (2,587)
Impairment loss on Enel Finance International NV (862)
Impairment loss on Enel Reinsurance - Compagnia di riassicurazione SpA (47)
Total decreases (3,496)
NET CHANGE (2,445)
In 2024 the carrying amount of investments in subsid-
iaries, joint ventures, associates and other companies
decreased by €2,445 million as a result of:
the impairment loss of €862 million on the invest-
ment held in Enel Finance International NV, mainly
reflecting the impairment test carried out after the
partial distribution of available capital reserves for a
total of €4,300 million to its shareholders, Enel SpA
and Enel Holding Finance Srl, proportionally to eq-
uity held;
the impairment loss of €2,587 million on the invest-
ment held in the subsidiary Enel Holding Finance Srl,
reflecting the impairment test carried out after the
partial distribution of available capital reserves in the
amount of €3,225 million to Enel SpA;
the impairment loss of €47 million on the investment
held in the subsidiary Enel Reinsurance - Compagnia
di riassicurazione SpA to reflect the economic and
financial situation of the company;
a capital contribution of €1,050 million (equal to
$1,100 million) to the subsidiary Enel North America
Inc., on December 12, 2024, in order to optimize the
company’s financial structure by maximizing the im-
pact of liability management operations;
the increase in the fair value measurement of the
equity investment in Empresa Propietaria de la Red
SA in the amount of €1 million.
As from January 1, 2024, the Dutch captive company
Enel Insurance NV merged into the Italian Enel Rein-
surance - Compagnia di riassicurazione SpA.
In accordance with IFRS 2, the carrying amount of
investments in the subsidiaries involved in the share-
based incentive plans for the management of Enel
and/or its subsidiaries pursuant to Article 2359 of the
Italian Civil Code has also been increased by the fair
value of the equity component for the year, recog-
nized in specific equity reserves, in the overall amount
of €6 million. In the case of the award of equity instru-
ments to the employees of indirect subsidiaries, the
carrying amount of the equity investment in the direct
subsidiary was increased.
The following table shows the assumptions used in
determining the impairment loss on the investments
held in Enel Finance International NV and Enel Holding
Finance Srl.
Graphics
Notes to the separate financial statements
97
REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
1. Report on Operations 2. Corporate governance 3. Separate financial statements 4. Reports
Millions
of euro
Original
cost
Growth
rate
(1)
Pre-tax
WACC
discount
rate
Explicit
period
of cash
flows
Terminal
value
(2)
Carrying
amount
post
impairment
Original
cost
Growth
rate
(1)
Pre-tax
WACC
discount
rate
Explicit
period
of cash
flows
Terminal
value
(2)
Carrying
amount
post
impairment
at Dec. 31, 2024 at Dec. 31, 2023
Enel Finance
International
NV
2,624 0.04% 11.6% 3 years Perpetuity 1,762 2,624 2.10% 13.3% 3 years Perpetuity 2,624
Enel Holding
Finance Srl
7,874 0.04% 11.6% 3 years Perpetuity 5,287 7, 874 2.10% 13.3% 3 years Perpetuity 7,874
(1) Perpetual growth rate for cash flows after the explicit forecast period.
(2) The terminal value has been estimated on the basis of a perpetuity or an annuity with a rising yield for the years indicated in the column.
The recoverable amount of the equity investments rec-
ognized through the impairment tests was estimated by
calculating the equity value of the investments through
an estimate of their value in use using discounted cash
flow models, which involve estimating expected future
cash flows and applying an appropriate discount rate,
selected on the basis of market inputs such as risk-free
rates, betas and market risk premiums. For the purpose
of comparing the carrying amount of the investments,
the enterprise value resulting from the estimation of
future cash flows was converted into the equity value
by subtracting the net financial position of the investee
and other balance sheet items relevant for estimating
the equity value. Cash flows were determined on the
basis of the best information available at the time of
the estimate and drawn for the explicit period from
the 2025-2027 Business Plan approved by the Board
of Directors of the Company on November 17, 2024,
containing forecasts for volumes, revenue, operating
costs, capital expenditure, industrial and commercial
organization and developments in the main macroe-
conomic variables (inflation, nominal interest rates and
exchange rates) and commodity prices. The explicit
period of cash flows considered in impairment testing
for these equity investments differs in accordance with
the specific features and business cycles of the various
companies. The terminal value, on the other hand, was
calculated as a perpetuity or annuity with a growth rate
representing the long-term rate of growth outlook of
the companies (depending on the country and busi-
ness involved).
With regard to the investments held in the companies
Enel Finance International NV, Enel Holding Finance Srl
and Enel Reinsurance - Compagnia di riassicurazione
SpA, the negative difference between the carrying
amount of the investments and their equity represent-
ed a trigger event, following which the equity value of
the investments in consideration of their expected
future cash flows was determined by means of an im-
pairment test.
With regard to the investments held in the companies
Enel Italia SpA, Enel X Way Srl, Enel X Srl, Enel Green
Power SpA, Enel Grids Srl and Enel Global Services
Srl the carrying amount is deemed to be recoverable
even if individually greater than equity at December
31, 2024 for each investee. This circumstance is not
felt to represent an impairment loss in respect of the
investment but rather a temporary mismatch between
the two amounts. More specifically, for the companies
Enel Italia SpA, Enel X Way Srl, Enel X Srl, Enel Green
Power SpA, Enel Grids Srl and Enel Global Services Srl
the negative difference between the carrying amount
of the investments and their equity represented a
trigger event, following which the equity value of the
investments in consideration of their expected fu-
ture cash flows was determined by means of an im-
pairment test. As a result of this test, a greater value
emerged that was not reflected in equity to an extent
necessary to confirm the full recoverability of the value
of the investments.
It should also be noted that these investments have
passed their related impairment tests.
The share certificates for Enel SpAs investments in
Italian subsidiaries are held in custody at Monte dei
Paschi di Siena.
The following table reports the share capital and eq-
uity of the investments in subsidiaries, joint ventures,
associates and other investees at December 31,
2024.
Graphics
Notes to the separate financial statements
98
REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
Registered
office Currency Share capital
Equity
(millions of
euro)
Prior year
profit/(loss)
(millions of
euro) % holding
Carrying
amount
(millions of
euro)
A) Subsidiaries
Enel Global Services Srl Rome EUR 10,000 52 1 100.0 73
Enel Global Trading SpA Rome EUR 90,885,000 1,794 1,161 100.0 1,404
Enel Green Power SpA Rome EUR 272,000,000 358 (134) 100.0 700
Enel Grids Srl Rome EUR 10,100,000 48 3 100.0 63
Enel Holding Finance Srl Rome EUR 10,000 5,285 636 100.0 5,287
Enel Iberia SRLU Madrid EUR 336,142,500 24,063 775 100.0 13,714
Enel Innovation Hubs Srl Rome EUR 1,100,000 8 - 100.0 7
Enel Investment Holding BV Amsterdam EUR 1,000,000 4 (1) 100.0 5
Enel Italia SpA Rome EUR 100,000,000 10,200 2,119 100.0 12,770
Enel North America Inc.
(1)
Andover USD 50 7,6 69 165 100.0 6,588
Enel Reinsurance -
Compagnia di
riassicurazione SpA
Rome EUR 3,000,000 555 30 100.0 559
Enel X Srl Rome EUR 1,050,000 (52) (159) 100.0 243
Enel X Way Srl Rome EUR 6,026,000 194 (113) 100.0 916
Enelpower Srl Milan EUR 2,000,000 27 1 100.0 26
Vektör Enerji Üretim
Anonim Şirketi
Istanbul TRY 3,500,000 (8) (1) 100.0 -
Enel Américas SA Santiago USD 15,799,226,825 17,6 39 1,763 82.3 11,658
Enel Chile SA Santiago CLP 3,882,103,470,184 3,479 229 64.9 2,671
Enel Finance International NV Amsterdam EUR 1,478,810,371 5,683 335 25.0 1,762
Enel Green Power Chile SA Santiago USD 599,261,770 967 50 - -
B) Associates
CESI SpA Milan EUR 8,550,000 101 2 42.7 23
C) Other companies
Compañía de Transmisión
del Mercosur SA
Buenos Aires ARS 2,025,191,313 3 (1) - -
Elcogas SA in liquidation Puertollano EUR 809,690 - - 4.3 -
Empresa Propietaria
de la Red SA
Panama USD 58,500,000 340 23 11.1 9
Idrosicilia SpA Milan EUR 22,520,000 35 - 1.0 -
Red Centroamericana
de Telecomunicaciones SA
Panama USD 2,700,000 - - 11.1 -
(1) Based on the consolidated financial statements at December 31, 2024.
Equity investments in other companies at December
31, 2024 are all related to unlisted companies. During
the transition to IFRS 9, the option of measuring these
financial assets at fair value through other compre-
hensive income was applied.
The investment in Elcogas SA was completely written
off in 2014 and since January 1, 2015, the company, in
which Enel has a stake of 4.3%, is in liquidation. The
profit participation loan of €6 million granted in 2014
has also been written down to take account of accu-
mulated losses.
Graphics
Notes to the separate financial statements
99
REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
1. Report on Operations 2. Corporate governance 3. Separate financial statements 4. Reports
Millions of euro at Dec. 31, 2024 at Dec. 31, 2023
Equity investments in unlisted companies measured at FVOCI 9 8
Empresa Propietaria de la Red SA 9 8
Red Centroamericana de Telecomunicaciones SA - -
Compañía de Transmisión del Mercosur SA - -
Elcogas SA in liquidation - -
Idrosicilia SpA - -
14. Derivatives – €179 million, €107 million, €581 million, €102 million
Millions of euro Non-current Current
at Dec. 31, 2024 at Dec. 31, 2023 at Dec. 31, 2024 at Dec. 31, 2023
Derivative financial assets 179 261 107 76
Derivative financial liabilities 581 620 102 106
For more details about the nature, recognition and
classification of derivative financial assets and liabili-
ties, please see notes 31 “Financial instruments”, and
33 “Derivatives and hedge accounting”.
15. Other non-current financial assets – €4 million
Millions of euro Notes at Dec. 31, 2024 at Dec. 31, 2023 Change
Financial prepayments 1 7 (6)
Other non-current financial assets
included in debt
15.1 3 3 -
Total 4 10 (6)
Financial prepayments essentially refer to the remaining portion of the transaction costs of the revolving sustain-
ability-linked credit lines.
15.1 Other non-current financial assets included in debt – €3 million
Millions of euro at Dec. 31, 2024 at Dec. 31, 2023 Change
Other loan assets 3 3 -
Total 3 3 -
Other loan assets are accounted for by loans to employees.
Graphics
Notes to the separate financial statements
100
REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
16. Other non-current assets – €68 million
Millions of euro at Dec. 31, 2024 at Dec. 31, 2023 Change
Tax assets 12 9 3
Amounts due from subsidiaries for assumption
of supplementary pension plan liabilities
56 64 (8)
Total other non-current assets 68 73 (5)
Tax assets include the residual amount of €9 million
due in respect of the claim for reimbursement for ex-
cess income tax paid as a result of not partially de-
ducting IRAP in calculating taxable income for IRES
purposes. These claims were submitted by Enel SpA
on its own behalf for 2003 and on its own behalf and
as the consolidating company for 2004-2011.
The item includes the asset of €3 million, arising from
the definitive calculation of the withholding tax levied
on the dividends of Enel Américas SA pertaining to
2021.
Amounts due from subsidiaries for assumption of sup-
plementary pension plan liabilities refer to amounts
due in respect of the assumption by Group companies
of their share of the supplementary pension plan. The
terms of the agreement state that the Group com-
panies concerned are to reimburse the costs of ex-
tinguishing defined-benefit obligations of the Parent,
which are recognized under employee benefits.
On the basis of actuarial forecasts made using current
assumptions, the plan will expire within the following
five years.
17. Trade receivables – €197 million
Millions of euro at Dec. 31, 2024 at Dec. 31, 2023 Change
Trade receivables:
- due from subsidiaries 192 163 29
- due from third-party customers 5 4 1
Total 197 167 30
Trade receivables due from subsidiaries primarily re-
gard the management and coordination services
and other activities performed by Enel SpA on behalf
of Group companies. The increase on December 31,
2023, reflects developments in the revenue connect-
ed with those services.
Trade receivables from third-party customers concern
services of various types.
Trade receivables due from subsidiaries break down as
follows.
Graphics
Notes to the separate financial statements
101
REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
1. Report on Operations 2. Corporate governance 3. Separate financial statements 4. Reports
Millions of euro at Dec. 31, 2024 at Dec. 31, 2023 Change
Subsidiaries
Edistribución Redes Digitales SLU 4 5 (1)
e-distribuzione SpA 16 17 (1)
Endesa Energía SAU 2 2 -
Endesa Generación SAU 3 3 -
Endesa SA 8 8 -
Enel Américas SA 1 2 (1)
Enel Brasil SA 57 33 24
Enel Chile SA 5 8 (3)
Enel Distribución Chile SA 1 2 (1)
Enel Distribución Perú SAA - 3 (3)
Enel Energia SpA 8 4 4
Enel Generación Chile SA 2 2 -
Enel Generación Perú SAA - 2 (2)
Enel Global Services Srl 13 13 -
Enel Green Power Chile SA 2 3 (1)
Enel Green Power Hellas SA 7 6 1
Enel Green Power Italia Srl 3 2 1
Enel Green Power North America Inc. 1 2 (1)
Enel Green Power SpA 5 3 2
Enel Grids Srl 1 1 -
Enel Italia SpA 3 (1) 4
Enel North America Inc. 4 2 2
Enel Produzione SpA 5 5 -
Enel X Srl 6 2 4
Enel X Way Srl - 2 (2)
Gas y Electricidad Generación SAU 2 2 -
Servizio Elettrico Nazionale SpA - 1 (1)
Vektör Enerjí Üretím Anoním Şírketí 8 8 -
Other 25 21 4
Total 192 163 29
Trade receivables by geographical segment are shown below.
Millions of euro at Dec. 31, 2024 at Dec. 31, 2023 Change
Italy 68 57 11
EU 34 31 3
Non-EU Europe 1 1 -
Other 94 78 16
Total 197 167 30
Graphics
Notes to the separate financial statements
102
REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
18. Income tax assets€189 million
Income tax assets essentially regard the Company’s
IRES credit for estimated current taxes for 2024 (€182
million) and the credit for withholding tax on interest
income (€9 million), partly offset by positions relating
to the withholding tax (€2 million).
19. Other current financial assets – €2,678 million
Millions of euro Notes at Dec. 31, 2024 at Dec. 31, 2023 Change
Other current financial assets included
in debt
19.1 2,627 6,428 (3,801)
Other sundry current financial assets 51 55 (4)
Total 2,678 6,483 (3,805)
For more information on “other current financial as-
sets included in debt”, please see note 19.1.
Other current financial assets” essentially refer to
current accrued financial income, mainly on cash
flow hedge derivatives on interest, of €35 million
(unchanged compared with December 31, 2023), fi-
nancial assets in respect of the outcome of derivative
positions amounting to €11 million (€5 million at De-
cember 31, 2023) and current financial prepaid ex-
pense of €6 million (unchanged from December 31,
2023), relating to charges incurred for the signing of
credit lines.
19.1 Other current financial assets included in debt – €2,627 million
Millions of euro Notes at Dec. 31, 2024 at Dec. 31, 2023 Change
Loan assets due from Group companies:
- short-term loan assets (intercompany
current accounts)
31.1.1 2,161 5,934 (3,773)
- short-term financing - 6 (6)
Total 2,161 5,940 (3,779)
Loan assets due from others:
- other loan assets 5 6 (1)
- cash collateral for margin agreements
on OTC derivatives
31.1.1 461 482 (21)
Total 466 488 (22)
TOTAL 2,627 6,428 (3,801)
20. Other current assets – €1,181 million
Millions of euro at Dec. 31, 2024 at Dec. 31, 2023 Change
Tax assets 13 13 -
Other amounts due from Group companies 1,144 1,552 (408)
Other amounts due 24 16 8
Total 1,181 1,581 (400)
Graphics
Notes to the separate financial statements
103
REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
1. Report on Operations 2. Corporate governance 3. Separate financial statements 4. Reports
Tax assets amounted to €13 million and essentially in-
cludes the tax asset of €8 million in respect of the IRES
reimbursement for 2011-2014 paid to Enel SpA fol-
lowing an agreement procedure (MAP) begun in 2021
and completed in 2022 with an agreement between
the Italian and Spanish tax authorities eliminating the
double taxation charged to the multinational group
following adjustments made to transfer prices applied
in transactions between Enel SpA and its Spanish sub-
sidiaries in 2011, 2012, 2013 and 2014.
Other amounts due from Group companies essentially
regard receivables for the interim dividend approved
by the subsidiaries Enel Iberia SRLU (€300 million), Enel
Américas SA (€294 million) and Enel Chile SA (€35 mil-
lion), receivables in respect of the Group companies
participating in the consolidated taxation mechanism
(€507 million), as well as VAT assets in respect of com-
panies participating in the Group VAT mechanism (€8
million).
Other amounts due amounted to €24 million, an in-
crease of €8 million on 2023.
21. Cash and cash equivalents – €2,121 million
Millions of euro at Dec. 31, 2024 at Dec. 31, 2023 Change
Bank and post office deposits 2,121 1,122 999
Total 2,121 1,122 999
Cash and cash equivalents came to €2,121 million, an
increase of €999 million from December 31, 2023,
mainly reflecting the increase in dividends received by
Group companies in the year.
For more information see the note on “Cash flows”
in the section “Performance and financial position of
Enel SpA” in the Report on Operations.
Liabilities and equity
22. Equity – €36,386 million
Equity amounted to €36,386 million, a decrease of
€1,497 million from December 31, 2023.
The change is mainly attributable to:
profit for the year of €2,536 million;
the distribution of the balance of the dividend for
2023 in the amount of €0.215 per share (for a to-
tal €2,186 million), as approved by the Sharholders’
Meeting on May 23, 2024 and the interim dividend
for 2024 approved by the Board of Directors on No-
vember 6, 2024 and paid as from January 22, 2025
(€0.215 per share for a total €2,186 million);
the net change in perpetual hybrid bonds in the
amount of €592 million;
the payment of coupons to holders of perpetual hy-
brid bonds for a total €246 million.
Share capital – €10,167 million
At December 31, 2024 the fully subscribed and paid-
up share capital of Enel SpA totaled €10,166,679,946,
represented by the same number of ordinary shares
with a par value of €1.00 each.
The share capital is unchanged compared with the
amount reported at December 31, 2023.
At December 31, 2024, based on the shareholders
register and the notices submitted to CONSOB and
received by the Company pursuant to Article 120 of
Legislative Decree 58 of February 24, 1998, as well as
other available information, shareholders with inter-
ests of greater than 3% in the Company’s share capital
were the Ministry for the Economy and Finance (with
a 23.585% stake) and BlackRock Inc. (with a 5.023%
stake held for asset management purposes).
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REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
Negative treasury share reserve
€(78) million
On July 25, 2024, the Board of Directors of the Com-
pany, implementing the authorization granted by the
Shareholders’ Meeting held on May 23, 2024, approved
the launch of a share buyback program for 2.9 million,
equivalent to about 0.029% of Enel’s share capital.
The program, which began on September 16, 2024
and was completed on November 8, 2024, was intro-
duced to serve the 2024 Long-Term Incentive Plan
for the management of Enel and/or of its subsidiaries
pursuant to Article 2359 of the Italian Civil Code (2024
LTI Plan) which was also approved by Enel’s Sharehold-
ers’ Meeting of May 23, 2024.
As a result of these transactions, a total of 2,900,000
Enel shares were acquired at a volume-weighted aver-
age price of €7.0210 per share, for a total €20 million.
Moreover, a total of 905,436 shares were granted, fol-
lowing achievement of performance targets, to the ben-
eficiaries of the 2020 and 2021 LTI Plans, for €7 million.
As a result of the award and considering the treasury
shares already owned, at December 31, 2024 Enel held
12,079,670 treasury shares, equal to about 0.1188% of
share capital, serving the Long-Term Incentive Plans
(the LTI Plans for 2021, 2022, 2023 and 2024).
In accordance with Article 2357-ter, paragraph 2, of
the Civil Code, treasury shares do not participate in the
distribution of the dividend.
For more details, please see note 35 “Share-based
payments”.
Perpetual hybrid bonds – €7,145 million
Perpetual hybrid bonds increased by €592 million, due
to a new issue in February 2024 in the amount of €889
million, recognized net of transaction costs, partly off-
set by the repayment of the residual portion of a hybrid
bond in January 2024, in the amount of €297 million.
On February 20, 2024 Enel SpA launched the issue
of non-convertible, subordinated, perpetual, hybrid
bonds for institutional investors on the European mar-
ket, denominated in euros, with an aggregate principal
amount of €900 million.
The issuance is carried out in execution of the resolu-
tion of the Company’s Board of Directors of December
18, 2023 which authorized Enel to issue, by December
31, 2024, one or more non-convertible subordinated
hybrid bonds.
The single-tranche non-convertible €900 million sub-
ordinated perpetual hybrid bond has no fixed maturity,
and is due and payable only in the event of the winding
up or liquidation of the Company, as specified in the
relevant terms and conditions.
The securities are listed on the regulated market of
the Irish Stock Exchange (Euronext Dublin).
During 2024, the Company paid coupons to holders of
perpetual hybrid bonds for €246 million.
Other reserves– €11,745 million
Share premium reserve – €7,496 million
The share premium reserve was unchanged compared
with the previous year.
Legal reserve – €2,034 million
The legal reserve, equal to 20.0% of share capital, is
unchanged compared with the previous year.
Reserve pursuant to Law 292/1993
€2,215 million
The reserve shows the remaining portion of the ad-
justments carried out when Enel was transformed
from a public entity to a joint-stock company.
In the case of a distribution of this reserve, the tax
treatment for capital reserves as defined by Article 47
of the Consolidated Income Tax Code shall apply.
Other reserves – €168 million
Other reserves include €19 million related to the re-
serve for capital grants, which reflects 50% of the
grants received from Italian public entities and EU bod-
ies in application of related laws for new works (pur-
suant to Article 55 of Presidential Decree 917/1986),
which is recognized in equity in order to take advan-
tage of tax deferment benefits.
The item also includes the reserves established to rec-
ognize the value of the equity component granted to
the management of the Company and the subsidiaries
as part of the 2019-2024 Long-Term Incentive Plans in
the amount of €22 million and the unavailable reserve
established for the purchase of treasury shares in the
amount of €78 million.
It also includes €29 million in respect of the stock op-
tion reserve and €20 million for other reserves.
Hedging reserve – €(147) million
At December 31, 2024 the item includes the hedging
reserve, a negative €149 million (net of the positive tax
effect of €47 million), and the hedging costs reserve, a
positive €2 million (net of tax effect of €1 million).
Reserve from measurement of financial
assets at FVOCI - €4 million
At December 31, 2024 the valuation reserve for finan-
cial assets at FVOCI came to €4 million reflecting the
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1. Report on Operations 2. Corporate governance 3. Separate financial statements 4. Reports
fair vale measurement of Empresa Propietaria de la
Red SA for €1 million.
Actuarial reserve – €(25) million
At December 31, 2024 the actuarial reserve amounted
to €25 million (net of the positive tax effect of €6 mil-
lion). The reserve includes actuarial gains and losses
recognized directly in equity, as the corridor approach
is no longer permitted under the new version of “IAS
19 - Employee Benefits”.
The table below provides a breakdown of changes in
the hedging and actuarial reserves in 2023 and 2024.
Millions
of euro
Gross gains/
(losses)
recognized
in equity
during the
year
Gross
released
to profit
or loss Taxes
Other
changes
Gross gains/
(losses)
recognized
in equity
during the
year
Gross
released
to profit
or loss Taxes
Other
changes
at Jan. 1,
2023
at Dec. 31,
2023
at Dec. 31,
2024
Hedging
reserve
(24) (257) 207 17 (23) (80) 2 (72) 22 (21) (149)
Hedging
costs reserve
(3) - - - - (3) 7 (2) - - 2
Reserve from
measurement
of financial
assets at
FVOCI
2 1 - - - 3 1 - - - 4
Actuarial
reserve
(22) (7) - 2 - (27) 2 - - - (25)
Gains/
(Losses)
recognized
directly in
equity
(47) (263) 207 19 (23) (107) 12 (74) 22 (21) (168)
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REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
Retained earnings – €6,995 million
For 2024 the item showed a decrease of €1,597 million
mainly due to:
the resolution of the Shareholders’ Meeting of
May 23, 2023, providing for the distribution to the
shareholders of a dividend balance in the amount
of €1,525 million and the allocation to this reserve
of the remainder of profit for a total €5 million, in-
cluding the portion of the undistributed dividend
balance in respect of treasury shares held in the
portfolio at the record date of July 23, 2024;
the allocation of profit for the year 2023, in execution
of the resolution of the Shareholders’ Meeting of May
23, 2024, covering the amounts paid in 2023 as cou-
pons to the holders of non-convertible subordinated
perpetual hybrid bonds for a total €182 million;
the payment of coupons in the total amount of €246
million to the holders of perpetual hybrid bonds;
the partial release of the unavailable reserve follow-
ing the award of treasury shares to the beneficiaries
of the Long-Term Incentive Plans for 2020 and 2021,
for a total €7 million;
a specific unavailable reserve of €21 million, estab-
lished for the purchase of treasury shares serving
the 2024 LTI Plan and the conclusion of the 2023 LTI
Plan;
waived collection of the 2024 interim dividend on
treasury shares held at the record date of January
21, 2025 in the amount of €3 million.
Profit for the year – €412 million
Profit for 2024, net of the interim dividend 2024 of
€0.215 per share (a total €2,186 million), came to €412
million.
The table below shows the availability of reserves for
distribution.
Millions of euro at Dec. 31, 2024 Possible uses Amount available
Share capital 10,167
Capital reserves:
- share premium reserve 7,496 ABC 7,496
- equity instruments – perpetual hybrid bonds 7, 14 5
Income reserves:
- legal reserve 2,034 B
- negative treasury share reserve (78)
- reserve pursuant to Law 292/1993 2,215 ABC 2,215
- hedging reserve (147)
- reserve from measurement of financial assets at FVOCI 4
- reserve for capital grants 19 ABC 19
- stock option reserve 29 ABC 29
(1)(2)
- actuarial reserve (25)
- reserve for share-based payments (LTI) 22
- other 98 ABC 20
Retained earnings/(loss carried forward) 6,995 ABC 6,995
Total 35,974 16,774
of which amount available for distribution 16,771
A: for capital increases.
B: to cover losses.
C: for distribution to shareholders.
(1) Regards lapsed options.
(2) Not distributable in the amount of €3 million regarding options granted by the Parent to employees of subsidiaries that have lapsed.
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1. Report on Operations 2. Corporate governance 3. Separate financial statements 4. Reports
There are no restrictions on the distribution of the re-
serves pursuant to Article 2426, paragraph 1(5), of the
Italian Civil Code since there are no unamortized start-
up and expansion costs or research and development
expenditure, or departures pursuant to Article 2423,
paragraph 4, of the Civil Code.
It should be noted that, in the three previous years, the
available reserve denominated “retained earnings” has
been used in the amount of €1,525 million for the dis-
tribution of dividends to shareholders.
22.1 Dividends
The table below shows the dividends paid by the Com-
pany in 2023 and 2024.
Amount distributed (in millions of euro) Dividend per share (in euro)
Dividends distributed in 2023
Dividends for 2022 4,064 0.40
Interim dividend for 2023
(1)
- -
Special dividends - -
Total dividends distributed in 2023 4,064 0.40
Dividends distributed in 2024
Dividends for 2023 4,367 0.43
Interim dividend for 2024
(2)
- -
Special dividends - -
Total dividends distributed in 2024 4,367 0.43
(1) Approved by the Board of Directors on November 7, 2023 and paid as from January 24, 2024 (interim dividend per share of €0.215 for a total
of €2,186 million).
(2) Approved by the Board of Directors on November 6, 2024 and paid as from January 22, 2025 (interim dividend per share of €0.215 for a total
of €2,186 million).
Dividends distributed are shown net of the amounts
attributable to treasury shares held at the respective
record dates. The Company waived collection of divi-
dends on these shares, which were recognized under
retained earnings.
The dividend for 2024, equal to €0.47 per share,
amounting to a total €4,778 million (of which €0.215
per share for a total €2,186 million already paid as an
interim dividend), will be proposed to the Sharehold-
ers’ Meeting of May 22, 2025 at a single call.
These separate financial statements do not re-
flect the effects of the distribution of this dividend
for 2024 to shareholders, with the exception of
liabilities due to shareholders for the 2024 inter-
im dividend approved by the Board of Directors
on November 6, 2024 in the maximum potential
amount of €2,186 million, and paid as from Janu-
ary 22, 2025 net of the amount pertaining to the
12,079,670 treasury shares held as at the record
date of January 21, 2025.
During the year, the Company also paid coupons to-
taling €246 million to the holders of perpetual hybrid
bonds.
22.2 Capital management
The Company’s objectives for managing capital com-
prise safeguarding the business as a going concern,
creating value for stakeholders and supporting the
development of the Group. In particular, the Company
seeks to maintain an adequate capitalization that ena-
bles it to achieve a satisfactory return for shareholders
and ensure access to external sources of financing, in
part by maintaining an adequate rating.
In this context, the Company manages its capital
structure and adjusts that structure when changes in
economic conditions so require. There were no sub-
stantive changes in objectives, policies or processes
in 2024.
To this end, the Company constantly monitors devel-
opments in the level of its debt in relation to equity.
The situation at December 31, 2024 and 2023, is sum-
marized in the following table.
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REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
Millions of euro at Dec. 31, 2024 at Dec. 31, 2023 Change
Non-current financial debt (17,345) (17,855) 510
Net current financial debt (2,229) (2,261) 32
Non-current financial assets and long-term securities 3 3 -
Net financial debt (19,571) (20,113) 542
Equity 36,386 37,883 (1,497)
Debt/equity ratio (0.54) (0.53) (0.01)
23. Borrowings – €17,345 million, €567 million, €6,410 million
Millions of euro Non-current Current
at Dec. 31, 2024 at Dec. 31, 2023 at Dec. 31, 2024 at Dec. 31, 2023
Long-term borrowings 17,3 4 5 17,855 567 1,179
Short-term borrowings - - 6,410 8,632
For more details about the nature, recognition and classification of borrowings, please see note 31 “Financial
instruments”.
24. Employee benefits – €112 million
The Company provides its employees with a variety of
benefits, including deferred compensation benefits,
additional months’ pay, indemnities in lieu of notice,
loyalty bonuses, supplementary pension plans, sup-
plementary healthcare plans, additional indemnity for
FOPEN pension contributions, FOPEN pension contri-
butions in excess of deductible amount and personnel
incentive plans.
The item includes accruals made to cover post-em-
ployment benefits under defined-benefit plans and
other long-term benefits to which employees are en-
titled by law, by contract, or under other forms of em-
ployee incentive schemes.
These obligations, in accordance with IAS 19, were de-
termined using the projected unit credit method.
The following table reports the change during the year
in the defined-benefit obligation, as well as a recon-
ciliation of the defined-benefit obligation with the
obligation recognized at December 31, 2024 and at
December 31, 2023.
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1. Report on Operations 2. Corporate governance 3. Separate financial statements 4. Reports
2024 2023
Millions of euro
Pension
benefits
Health
insurance
Other
benefits Total
Pension
benefits
Health
insurance
Other
benefits Total
CHANGES IN ACTUARIAL
OBLIGATION
Actuarial obligation at January 1 88 28 5 121 96 27 8 131
Current service cost - 1 1 2 - 1 2 3
Interest expense 3 1 - 4 3 1 - 4
Actuarial (gains)/losses arising from
changes in financial assumptions
- (1) - (1) 1 1 - 2
Experience adjustments 1 (2) - (1) 5 - - 5
Past service cost - - - - - - - -
Other payments (15) (2) (1) (18) (17) (2) (1) (20)
Other changes 2 3 - 5 - - (4) (4)
Actuarial obligation
at December 31
79 28 5 112 88 28 5 121
Millions of euro 2024 2023
(Gains)/Losses taken to profit or loss
Service cost 2 3
Interest expense 4 4
Total 6 7
Millions of euro 2024 2023
Remeasurement (gains)/losses in OCI
Actuarial (gains)/losses on defined-benefit plans (2) 7
Total (2) 7
The current service cost for employee benefits in 2024
came to €6 million (€7 million in 2023).
The main actuarial assumptions used to calculate the
liabilities arising from employee benefits, which are
consistent with those used the previous year, are set
out below.
2024 2023
Discount rate 2.75%-3.20% 3.30%-3.40%
Rate of wage increases 2.00%-4.00% 2.30%-4.30%
Rate of increase in healthcare costs 3.00% 3.30%
The following table reports the outcome of a sensi-
tivity analysis that demonstrates the effects on the
liability for healthcare plans as a result of changes
reasonably possible at the end of the year in the ac-
tuarial assumptions used in estimating the obliga-
tion.
Millions of euro
An increase
of 0.5% in
discount rate
A decrease
of 0.5% in
discount rate
An increase
of 0.5% in
inflation rate
An increase
of 0.5% in
remuneration
An increase
of 0.5% in
pensions
currently
being paid
An increase
of 1% in
healthcare
costs
An increase of
1 year in life
expectancy of
active and retired
employees
Healthcare
plans: ASEM
(2) 2 (2) 4 30
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REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
25. Provisions for risks and charges – €29 million
Provisions for risks and charges cover probable poten-
tial liabilities that could arise from legal proceedings
and other disputes, without considering the effects of
rulings that are expected to be in the Company’s favor
and those for which any charge cannot be quantified
with reasonable certainty.
In determining the balance of the provision, we have
taken account of both the charges that are expected
to result from court rulings and other dispute settle-
ments for the year and an update of the estimates for
positions arising in previous years.
The following table shows changes in provisions for
risks and charges.
Taken to profit or loss
Millions of euro Accruals Reversals Utilization Other changes Total
at Dec. 31, 2023 at Dec. 31, 2024
of which current
portion
Provision for litigation and
other risks and charges:
- litigation 3 2 (1) (2) - 2 2
- other 3 - - - - 3 -
Total 6 2 (1) (2) - 5 2
Provision for early
retirement incentives
24 10 - (11) 1 24 12
TOTAL PROVISIONS FOR
RISKS AND CHARGES
30 12 (1) (13) 1 29 14
The €1 million decrease in the provision for litigation
mainly reflects the reversal to profit or loss of provi-
sions for outstanding disputes. The provision mainly
refers to labor disputes.
The provision for early retirement incentive plans
adopted by the Company is essentially unchanged
compared with 2023.
26. Other non-current liabilities – €17 million
Other non-current liabilities came to €17 million (€20
million at December 31, 2023) and regard, in the
amount of €8 million, the debt towards Group compa-
nies that initially arose following Enel SpAs application
(submitted in its capacity as the consolidating compa-
ny) for reimbursement for 2004-2011 of the additional
income taxes paid as a result of not deducting part of
IRAP in computing taxable income for IRES purposes.
The liability in respect of the subsidiaries is balanced
by the recognition of non-current tax assets (note 16).
The item also includes the liability to employees (€5
million) for early termination incentive plans adopted
by the Company (€8 million at December 31, 2023)
and the non-current portion of deferred income in re-
spect of up-front fees made at the time of the estab-
lishment of a number of hedging derivative positions
in the amount of €4 million (€4 million at December
31, 2023), in previous years, which are released to prof-
it or loss on the basis of the amortization plan for the
entire duration of the derivative itself.
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1. Report on Operations 2. Corporate governance 3. Separate financial statements 4. Reports
27. Trade payables – €132 million
Millions of euro at Dec. 31, 2024 at Dec. 31, 2023 Change
Trade payables:
- due to third parties 51 48 3
- due to Group companies 81 87 (6)
Total 132 135 (3)
Trade payables mainly include payables for the provi-
sion of services and other activities.
Trade payables due to subsidiaries at December 31,
2024 break down as follows.
Millions of euro at Dec. 31, 2024 at Dec. 31, 2023 Change
Subsidiaries
Endesa SA - 1 (1)
Enel Brasil SA 1 - 1
Enel Global Services Srl 40 53 (13)
Enel Global Trading SpA 1 1 -
Enel Green Power SpA 7 5 2
Enel Grids Srl 6 6 -
Enel Iberia SRLU 4 5 (1)
Enel Innovation Hubs Srl 4 5 (1)
Enel Italia SpA 10 4 6
Enel Produzione SpA 1 1 -
Enel X Srl 2 - 2
Other 5 6 (1)
Total 81 87 (6)
Trade payables break down by geographical area as follows.
Millions of euro at Dec. 31, 2024 at Dec. 31, 2023 Change
Suppliers
Italy 121 121 -
EU 5 7 (2)
Non-EU Europe 5 1 4
Other 1 6 (5)
Total 132 135 (3)
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REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
28. Other current financial liabilities – €178 million
Millions of euro at Dec. 31, 2024 at Dec. 31, 2023 Change
Deferred financial liabilities 169 213 (44)
Other items 9 13 (4)
Total 178 226 (48)
Deferred financial liabilities mainly consist of interest
expense accrued on financial debt, while the oth-
er items essentially include amounts due to banks
and Group companies that accrued as of December
31, 2024, but were to be settled in the following year,
comprising financial expense on hedge derivatives on
commodity exchange rates entered into on behalf of
Group companies.
29. Net financial position and long-term financial assets and securities
€19,571 million
The following table shows the net financial position on the basis of the items on the statement of financial position.
Millions of euro Notes at Dec. 31, 2024 at Dec. 31, 2023 Change
Long-term borrowings 23 17,3 4 5 17,855 (510)
Short-term borrowings 23 6,410 8,632 (2,222)
Current portion of long-term borrowings 23 567 1,179 (612)
Other non-current financial assets
included in debt
15.1 3 3 -
Other current financial assets included
in debt
19.1 2,627 6,428 (3,801)
Cash and cash equivalents 21 2,121 1,122 999
Total 19,571 20,113 (542)
The net financial debt at December 31, 2024 and De-
cember 31, 2023 is reported below in accordance with
Guideline 39, issued on March 4, 2021, by ESMA, appli-
cable as from May 5, 2021, and with warning notice no.
5/2021 issued by CONSOB on April 29, 2021, which re-
placed references to the CESR Recommendations and
those in Communication no. DEM/6064293 of July 28,
2006 regarding the net financial position.
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1. Report on Operations 2. Corporate governance 3. Separate financial statements 4. Reports
Millions of euro
at Dec. 31, 2024 at Dec. 31, 2023 Change
of which with
related parties
of which with
related parties
Liquidity
Bank and post office deposits 2,121 1,122 999
Liquid assets 2,121 1,122 999
Cash equivalents - - -
Short-term loan assets 2,627 6,428 (3,801)
Other current financial assets 2,627 2,161 6,428 5,934 (3,801)
Liquidity 4,748 7,550 (2,802)
Current financial debt
Current bank debt - (1) 1
Other short-term borrowings (6,410) (6,306) (8,631) (8,461) 2,221
Current financial debt (including debt instruments) (6,410) (8,632) 2,222
Current portion of long-term bank borrowings (567) (1,179) 612
Non-current financial debt (current portion) (567) (1,179) 612
Current financial debt (6,977) (9,811) 2,834
Net current financial debt (2,229) (2,261) 32
Non-current financial debt
Long-term bank borrowings (1,000) (1,316) 316
Non-bank financing (leases) (2) - (2)
Other long-term borrowings (14,142) (14,274) 132
Non-current financial debt (excluding current
portion and debt instruments)
(15,144) (15,590) 446
Bonds (2,201) (2,265) 64
Trade payables and other non-interest-bearing
non-current liabilities with a significant financing
component
- - -
Non-current financial debt (17,345) (17,855) 510
Net financial debt as per CONSOB instructions (19,574) (20,116) 542
Long-term loan assets 3 - 3 - -
NET FINANCIAL DEBT (19,571) (20,113) 542
This statement of the net financial position does not
include financial assets and liabilities in respect of de-
rivatives, since derivative contracts, even if not desig-
nated as hedges for hedge accounting purposes, are
in any case entered into by the Company for hedging
purposes.
At December 31, 2024 those financial assets and li-
abilities are reported separately in the statement of
financial position under the following items: “Non-cur-
rent financial derivative assets” in the amount of €179
million (€261 million at December 31, 2023), “Current
financial derivative assets” in the amount of €107 mil-
lion (€76 million at December 31, 2023), “Non-current
financial derivative liabilities” in the amount of €581
million (€620 million at December 31, 2023), and “Cur-
rent financial derivative liabilities” in the amount of
€102 million (€106 million at December 31, 2023).
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30. Other current liabilities – €3,508 million
Millions of euro at Dec. 31, 2024 at Dec. 31, 2023 Change
Tax liabilities 730 1,320 (590)
Amounts due to Group companies 550 825 (275)
Amounts due to employees, recreational/assistance
associations
22 23 (1)
Amounts due to social security institutions 12 10 2
Amounts due to customers for security deposits
and reimbursements
1 2 (1)
Other 2,193 2,215 (22)
Total 3,508 4,395 (887)
Tax liabilities amounted to €730 million, and include
amounts due to tax authorities for corporate income
tax (IRES) of the companies participating in the nation-
al consolidated taxation mechanism for €562 million
(€1,239 million at December 31, 2023), liabilities for
Group VAT for the 4th Quarter of 2024 of the compa-
nies participating in the Enel VAT Group in the amount
of €161 million and liabilities for withholdings for pay-
roll employees in the amount of €5 million.
Amounts due to Group companies amounted to €550
million. They consist of €405 million in payables in re-
spect of the IRES liability under the consolidated tax-
ation mechanism (€523 million at December 31, 2023)
and €114 million in respect of Group VAT (€301 million
at December 31, 2023).
The item “other”, equal to €2,193 million, mainly in-
cludes the liability for dividends to be paid to share-
holders, in the amount of €2,184 million, represented
by the liability for the interim dividend for 2024, net of
the portion for treasury shares held at the record date
of January 21, 2025.
31. Financial instruments
31.1 Financial assets by category
The following table shows the carrying amount for each
category of financial assets provided by IFRS 9, broken
down into current and non-current financial assets,
showing separately hedging derivatives and derivatives
measured at fair value through profit or loss.
Non-current Current
Millions of euro Notes at Dec. 31, 2024 at Dec. 31, 2023 at Dec. 31, 2024 at Dec. 31, 2023
Financial assets measured at amortized cost 31.1.1 3 3 5,587 8,145
Financial assets at FVOCI
Equity investments in other companies 31.1.2 9 8 - -
Total financial assets at FVOCI 9 8 - -
Financial assets at FVTPL
Derivative financial assets at FVTPL 33 128 122 69 76
Total financial assets at FVTPL 128 122 69 76
Derivative financial assets designated
as hedging instruments
Cash flow hedge derivatives 33 51 139 39 -
Total derivative financial assets designated
as hedging instruments
51 139 39 -
TOTAL 191 272 5,695 8,221
For more details on the recognition and classification
of current and non-current derivative financial assets,
please see note 33 “Derivatives and hedge accounting”.
For more information on fair vale measurement, please
see note 31.1.2 “Financial assets at fair value through
other comprehensive income (FVOCI)”.
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1. Report on Operations 2. Corporate governance 3. Separate financial statements 4. Reports
31.1.1 Financial assets measured at amortized cost
The following table shows financial assets measured at amortized cost by nature, broken down into current and
non-current financial assets.
Non-current Current
Millions of euro Notes at Dec. 31, 2024 at Dec. 31, 2023 Notes at Dec. 31, 2024 at Dec. 31, 2023
Cash and cash equivalents - - 21 2,121 1,122
Trade receivables - - 17 197 167
Loan assets from Group companies
Loan assets on intercompany current
accounts
- - 19.1 2,161 5,934
Other financial assets - - 2 15
Total financial assets from Group
companies
- - 2,163 5,949
Loan assets from others
Cash collateral for margin agreements on
OTC derivatives
- - 19.1 461 482
Other financial assets 15.1 3 3 12 10
Total financial assets from others 3 3 473 492
Other financial assets - - 633 415
TOTAL 3 3 5,587 8,145
The main changes compared with 2023 regarded:
an increase of €999 million in cash and cash equiv-
alents, mainly reflecting higher dividends received
during the period from Group companies;
a decrease of €3,786 million in loans assets from
Group companies, reflecting the decrease in loan
assets on the intercompany current account held
with Group companies (€3,773 million) and in other
financial assets (€13 million) from Enel Italia SpA and
Enel Global Trading SpA;
a decrease of €21 million in cash collateral paid to
counterparties in derivatives transactions;
an increase of €218 million in other financial assets,
reflecting an increase in dividends authorized by
subsidiaries and still outstanding at December 31,
2024.
Impairment losses on financial assets
at amortized cost
Financial assets measured at amortized cost at De-
cember 31, 2024 amounted to €5,590 million and are
recognized net of allowances for expected credit loss-
es, which totaled €28 million (€26 million at December
31, 2023).
The Company mainly has the following types of finan-
cial assets measured at amortized cost subject to im-
pairment testing:
cash and cash equivalents;
trade receivables;
loan assets;
other financial assets.
While cash and cash equivalents are also subject to
the impairment requirements of IFRS 9, the identified
impairment loss was immaterial.
The expected credit loss (ECL) – determined con-
sidering probability of default (PD), loss given default
(LGD), and exposure at default (EAD) – is the difference
between all contractual cash flows that are due in ac-
cordance with the contract and all cash flows that are
expected to be received (i.e. all shortfalls) discounted
at the original effective interest rate.
Depending on the nature of the financial assets and the
credit risk information available, the assessment of a
significant increase in credit risk may be performed on:
an individual basis, if the receivables are individually
significant and for all receivables which have been
individually identified for impairment based on rea-
sonable and supportable information;
a collective basis, if no reasonable and supportable
information is available without undue cost or effort
to measure expected credit losses on an individual
instrument basis.
When there is no reasonable expectation of recover-
ing a financial asset in its entirety or a portion thereof,
the gross carrying amount of the financial asset shall
be reduced.
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REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
A write-off represents a derecognition event (e.g. the
right to cash flows is legally or contractually extin-
guished, transferred or expired).
The following table shows the expected losses for
each class of financial assets measured at amortized
cost.
Millions of euro at Dec. 31, 2024 at Dec. 31, 2023
Gross carrying
amount
Expected
credit loss
allowance Total
Gross carrying
amount
Expected
credit loss
allowance Total
Cash and cash equivalents 2,121 - 2,121 1,122 - 1,122
Trade receivables 220 23 197 188 21 167
Loan assets from Group
companies
2,163 - 2,163 5,949 - 5,949
Loan assets from others 481 5 476 497 5 492
Other receivables 633 - 633 418 - 418
Total 5,618 28 5,590 8, 174 26 8,148
To measure expected losses, the Company assesses
trade receivables and contract assets with the simpli-
fied approach, both on an individual basis and a col-
lective basis.
In the case of individual assessments, PD is generally
obtained from external providers.
Otherwise, in the case of collective assessments,
trade receivables are grouped on the basis of their
shared credit risk characteristics and information on
past due positions, considering a specific definition
of default.
The Company mainly defines a defaulted position as
one that is 180 days past due. Accordingly, beyond this
time limit, trade receivables are presumed to be credit
impaired.
The following table shows changes in the allowance
for expected credit losses on financial assets and
trade receivables.
Millions of euro Expected credit loss allowance
Financial assets Trade receivables
Individual Collective Total Individual Collective Total
January 1, 2023 IFRS 9 5 - 5 - 6 6
Impairment losses - - - - 17 17
Utilization - - - - - -
Reversals - - - - (2) (2)
Total at Dec. 31, 2023 IFRS 9 5 - 5 - 21 21
Impairment losses - - - - 2 2
Utilization - - - - - -
Reversals - - - - - -
Total at Dec. 31, 2024 IFRS 9 5 - 5 - 23 23
31.1.2 Financial assets at fair value through
other comprehensive income (FVOCI)
This category mainly includes equity investments in
unlisted companies irrevocably designated as such at
the time of initial recognition.
Equity investments in other companies, equal to €9
million, are essentially represented by the equity in-
vestment held by Enel SpA in Empresa Propietaria de
la Red SA.
At December 31, 2024, the fair value of the equity
investment was determined on the basis of an inde-
pendent appraisal using the income approach with
the discounted cash flow method.
31.1.3 Financial assets at fair value through
profit or loss (FVTPL)
This category exclusively includes current and non-cur-
rent derivatives used mainly to hedge the debt of the
Group companies. For more information, please see
note 33.2 “Derivatives at fair value through profit or loss.
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1. Report on Operations 2. Corporate governance 3. Separate financial statements 4. Reports
31.2 Financial liabilities by category
The following table shows the carrying amount for each
category of financial liabilities provided by IFRS 9, bro-
ken down into current and non-current financial liabili-
ties, showing separately hedging derivatives and deriv-
atives measured at fair value through profit or loss.
Millions of euro Non-current Current
Notes
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023
Financial liabilities measured at amortized cost 31.2.1 17,345 17,855 9,302 12,143
Financial liabilities at fair value through profit or loss
Derivative financial liabilities at FVTPL 33 129 122 102 106
Total 129 122 102 106
Derivative financial liabilities designated as hedging
instruments
Cash flow hedge derivatives 33 452 498 - -
Total 452 498 - -
TOTAL 17, 926 18,475 9,404 12,249
For more details on the recognition and classification
of current and non-current derivative financial liabil-
ities, please see note 33 “Derivatives and hedge ac-
counting.
For more details about fair value measurement, please
see note 34 “Fair value measurement”.
31.2.1 Financial liabilities measured
at amortized cost
The following table shows financial liabilities at am-
ortized cost by nature, broken down into current and
non-current financial liabilities.
Millions of euro Non-current Current
Notes
at Dec. 31,
2024
at Dec. 31,
2023 Notes
at Dec. 31,
2024
at Dec. 31,
2023
Long-term borrowings 23 17,3 4 5 17,855 567 1,179
Short-term borrowings - - 23 6,410 8,632
Trade payables - - 27 132 135
Other current financial liabilities - - 30 2,193 2,197
Total 17,345 17,855 9,302 12,143
Other current financial liabilities essentially include
the liability for the dividend to be paid to shareholders
in the amount of €2,184 million, represented by the
liability for the interim dividend for 2024 net of the
portion on treasury shares held at the record date of
January 22, 2025.
Borrowings
Long-term borrowings (including the portion falling
due within 12 months) – €17,912 million
Long-term borrowings, which refer to bonds, bank
borrowings and loans from Group companies, de-
nominated in euros and other currencies, including
the portion falling due within 12 months (equal to €567
million), amounted to €17,912 million at December 31,
2024.
The following table shows the nominal values, carrying
amounts and fair values of long-term borrowings at
December 31, 2024, including the portion falling due
within 12 months, grouped by type of borrowing and
type of interest rate. For listed debt instruments, the
fair value is given by official prices. For unlisted debt
instruments, fair value is determined using valuation
techniques appropriate for each category of financial
instrument and the associated market data for the re-
porting date, including the credit spreads of the Group.
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REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
Millions of euro
Nominal
value
Carrying
amount
Current
portion
Portion due
in more
than 12
months
Fair
value
Nominal
value
Carrying
amount
Current
portion
Portion
due in
more than
12 months
Fair
value
Carrying
amount
at Dec. 31, 2024
at Dec. 31, 2023 Change
Bonds:
- fixed rate 1,729 1,717 - 1,717 1,798 2,446 2,433 749 1,684 2,563 (716)
- floating rate 581 581 97 484 575 678 678 97 581 690 (97)
Total 2,310 2,298 97 2,201 2,373 3,124 3,111 846 2,265 3,253 (813)
Bank borrowings:
- floating rate 1,337 1,337 337 1,000 1,354 1,516 1,516 200 1,316 1,545 (179)
Total 1,337 1,337 337 1,000 1,354 1,516 1,516 200 1,316 1,545 (179)
Non-bank financing:
- under fixed-rate
leases
3 3 1 2 3 1 1 1 - 1 2
Total 3 3 1 2 3 1 1 1 - 1 2
Loans from Group
companies:
- fixed rate 11,813 11,813 86 11,727 10,517 11,899 11,899 86 11,813 10,343 (86)
- floating rate 2,461 2,461 46 2,415 2,485 2,507 2,507 46 2,461 2,546 (46)
Total 14,274 14,274 132 14,142 13,002 14,406 14,406 132 14, 274 12,889 (132)
Total fixed-rate
borrowings
13,545 13,533 87 13,446 12,318 14,346 14,333 836 13,497 12,907 (800)
Total floating-rate
borrowings
4,379 4,379 480 3,899 4,414 4,701 4,701 343 4,358 4,781 (322)
TOTAL 17, 924 17,912 567 17,345 16,732 19,047 19,034 1,179 17,855 17,688 (1,122)
For more details about the maturity analysis of bor-
rowings, please see note 32 “Risk management”,
while for more about fair value measurement in-
puts, please see note 34 “Fair value measurement”.
The table below shows long-term borrowings by cur-
rency and interest rate.
Long-term borrowings by currency and interest rate
Millions of euro Carrying amount Nominal value
Current
average nominal
interest rate
Current
effective
interest rate
at Dec. 31, 2023 at Dec. 31, 2024 at Dec. 31, 2024
Euro 18,047 16,871 16,873 2.2% 2.2%
US dollar 316 337 337 5.4% 5.4%
Pound sterling 671 704 714 5.7% 5.9%
Total non-euro currencies 987 1,041 1,051
TOTAL 19,034 17, 912 17, 9 24
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1. Report on Operations 2. Corporate governance 3. Separate financial statements 4. Reports
The table below reports changes in the nominal value of long-term debt.
Millions of euro
Nominal
value Repayments
New
borrowings Other
Exchange
differences
Nominal
value
at Dec. 31, 2023 at Dec. 31, 2024
Bonds 3,124 (847) - - 33 2,310
Bank borrowings 1,516 (200) - - 21 1,337
Non-bank financing 1 (2) 4 - - 3
Loans from Group
companies
14,406 (132) - - - 14,274
Total 19,047 (1,181) 4 - 54 17,924
6. Following a reorganization, in 2023 EKF was folded into the Export and Investment Fund of Denmark (EIFO).
Compared with December 31, 2023, the nominal value
of long-term debt shows an overall decrease of €1,123
million attributable to repayments of €1,181 million,
which largely exceeded new issues of leases, equal to
€4 million, and exchange rate loss equal to €54 million;
repayments of bonds, in the amount of €847 million,
are mainly in respect of a €750 million fixed-rate bond
entirely repaid in May.
No new borrowings were issued in 2024.
The main long-term borrowings of Enel SpA are gov-
erned by covenants that are commonly adopted in
international business practice. These borrowings are
mainly represented by the bond issues carried out
within the framework of the Global/Euro Medium Term
Notes program, issues of subordinated unconvertible
hybrid bonds, the Revolving Facility Agreement ob-
tained on March 5, 2021 by Enel SpA and Enel Finance
International NV from a pool of banks and amended on
May 11, 2022 and on March 6, 2024) of up to €13.5 bil-
lion (the “Revolving Facility Agreement”), the Sustaina-
bility-Linked Loan Facility Agreement obtained by Enel
SpA on October 15, 2020 from a pool of banks in the
amount of up to €1 billion, the loans granted to Enel
SpA by UniCredit SpA on November 8, 2023, the Fa-
cility Agreement obtained on October 5, 2021 by Enel
SpA from Bank of America Europe Designated Activi-
ty Company in the amount of $348,750,000 (equal to
€300 million at the signing date), and the sustainabil-
ity-linked financing agreement signed on September
30, 2022 by Enel Finance America LLC (EFA) as the
borrower and Enel SpA (as the guarantor) with EKF
Denmark’s Export Credit Agency (EKF)
6
and Citi for a
total of up to $800 million (“EKF facility”).
The main covenants in respect of the bond issues in
the Global/Euro Medium Term Notes program of Enel
SpA and Enel Finance International NV (including the
green bonds of Enel Finance International NV guar-
anteed by Enel SpA, which are used to finance the
Group’s eligible green projects) and those related to
bonds issued by Enel Finance International NV on the
American market can be summarized as follows:
negative pledge clauses under which the issuer and
the guarantor may not establish or maintain (except
under statutory requirement) mortgages, liens or
other encumbrances on all or part of its assets or
revenue, to secure certain financial borrowings, un-
less the same restrictions are extended equally or
pro rata to the bonds in question;
pari passu clauses, under which bonds and the asso-
ciated guarantees constitute a direct, uncondition-
al and unsecured obligation of the issuer and the
guarantor, do not grant preferential rights among
them and have at least the same seniority as other
present and future unsubordinated and unsecured
bonds of the issuer and the guarantor;
cross-default clauses, under which the occurrence
of a default event in respect of a specified financial
liability (above a threshold level) of the issuer, the
guarantor or significant subsidiaries constitutes a
default in respect of the liabilities in question, which
may become immediately repayable.
Since 2019, Enel Finance International NV has issued a
number of “sustainable” bonds on the European mar-
ket (as part of the Euro Medium Term Notes - EMTN
bond issue program) and on the American market,
both guaranteed by Enel SpA, linked to the achieve-
ment of a number of the Sustainable Development
Goals (SDGs) of the United Nations that contain the
same covenants as other bonds of the same type.
Graphics
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120
REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
Moreover, Enel Finance America LLC holds a sustain-
ability-linked bond of the same type on the American
market, guaranteed by Enel SpA.
The main covenants covering the hybrid bonds of Enel
SpA, including the perpetual hybrid bonds that will
only be repaid in the event of the dissolution or liqui-
dation of the Company, can be summarized as follows:
subordination clauses: each hybrid bond is subor-
dinate to all other bonds of the issuer and has the
same seniority as other hybrid financial instruments
issued and greater seniority than equity instruments;
prohibition on mergers with other companies, the
sale or leasing of all or a substantial part of the com-
pany’s assets to another company, unless the latter
succeeds in all obligations of the issuer.
The main covenants for the Revolving Facility Agree-
ment and other loan agreements signed by Enel SpA
are substantially similar and can be summarized as fol-
lows:
7
negative pledge clauses, under which the borrower
and, in some cases, significant subsidiaries may not
establish mortgages, liens or other encumbrances
on all or part of their respective assets to secure
certain financial liabilities, with the exception of ex-
pressly permitted encumbrances;
disposals clauses, under which the borrower and,
in some cases, the subsidiaries of Enel may not dis-
pose of their assets or a significant portion of their
assets or operations, with the exception of expressly
permitted disposals;
pari passu clauses, under which the payment under-
takings of the borrower have the same seniority as
its other unsecured and unsubordinated payment
obligations;
change-of-control clauses, which are triggered in
7. The EKF credit line provides for a “reputational damage” clause, under which EKF can request the cancellation of the financial commitment
undertaken by it and the early payment of the sums disbursed if it has suffered ascertained harm to its own reputation or that of the Danish
State as a result of substantial breach of certain regulations. It also provides for the commitment, also of the guarantor, to ensure compliance
with certain environmental and social regulations and standards.
the event (i) control of Enel is acquired by one or
more parties other than the Italian State or (ii) Enel or
any of its subsidiaries transfer a substantial portion
of the Group’s assets to parties outside the Group
such that the financial reliability of the Group is sig-
nificantly compromised. The occurrence of one of
the two circumstances may give rise to (a) the re-
negotiation of the terms and conditions of the fi-
nancing or (b) compulsory early repayment of the
financing by the borrower;
cross-default clauses, under which the occurrence
of a default event in respect of a specified financial
liability (above a threshold level) of the borrower or
significant subsidiaries constitutes a default in re-
spect of the liabilities in question, which may be-
come immediately repayable.
The borrowings considered specify events of default
typical of international business practice, such as, for
example, insolvency, bankruptcy proceedings or the
entity ceases trading.
None of the covenants indicated above has been trig-
gered to date.
Lastly, it should be noted that Enel SpA issued cer-
tain guarantees in the interest of a number of Group
companies in relation to the commitments undertak-
en within the context of the loan agreements. These
guarantees and the associated loan contracts include
certain covenants and events of default, some borne
by Enel SpA as the guarantor, typical of international
business practice.
Debt structure after hedging
The following table shows the effect of the hedges of
currency risk on the gross long-term debt structure
(including portions maturing in the next 12 months).
Millions of euro at Dec. 31, 2024 at Dec. 31, 2023
Initial debt structure
Hedged
debt
Debt
structure
after
hedging Initial debt structure
Hedged
debt
Debt
structure
after
hedging
Carrying
amount
Nominal
value %
Carrying
amount
Nominal
value %
Euro 16,871 16,873 94.1% 1,051 17, 924 18,047 18,050 94.77% 997 19,047
US dollar 337 337 1.9% (337) - 316 316 1.66% (316) -
Pound sterling 704 714 4.0% (714) - 671 681 3.58% (681) -
Total 17, 912 17,924 - 17, 924 19,034 19,047 100.0% - 19,047
Graphics
Notes to the separate financial statements
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REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
1. Report on Operations 2. Corporate governance 3. Separate financial statements 4. Reports
The following table shows the effect of the hedges of interest rate risk on the gross long-term debt outstanding
at the reporting date.
% at Dec. 31, 2024 at Dec. 31, 2023
Before hedging After hedging Before hedging After hedging
Floating rate 24.0 17.0 25.0 18.0
Fixed rate 76.0 83.0 75.0 82.0
Total 100.0 100.0 100.0 100.0
Short-term borrowings – €6,410 million
The following table shows short-term borrowings at December 31, 2024, by type.
Millions of euro at Dec. 31, 2024 at Dec. 31, 2023 Change
Loans from third parties
Bank borrowings (ordinary current account) - 1 (1)
Cash collateral for CSAs on OTC derivatives received 104 169 (65)
Total 104 170 (66)
Borrowings from Group counterparties
Short-term borrowings from Group companies
(on intercompany current account)
3,306 3,962 (656)
Other short-term borrowings from Group companies 3,000 4,500 (1,500)
Total 6,306 8,462 (2,156)
TOTAL 6,410 8,632 (2,222)
Note that the fair value of current borrowings equals
their carrying amount as the impact of discounting is
not significant.
31.2.2 Financial liabilities at fair value through
profit or loss (FVTPL)
This category includes solely current and non-current
derivative financial liabilities relating mainly to hedg-
es of the debt of Group companies. More information
is given in note 33.2 “Derivatives at fair value through
profit or loss”.
31.2.3 Net gains/(losses)
The following table shows net gains and losses by
category of financial instruments, excluding deriv-
atives.
Millions of euro Net gains/(losses)
of which:
impairment loss/gain
at Dec. 31, 2024 at Dec. 31, 2023 at Dec. 31, 2024
Financial assets at amortized cost 517 444 -
Financial liabilities at amortized cost (915) (846) -
For more details on net gains and losses on derivatives, please see note 7 “Net financial income/(expense) from
derivatives”.
Graphics
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122
REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
32. Risk management
Financial risks
As part of its operations, the Company is exposed to
a variety of financial risks, notably interest rate risk,
currency risk, credit and counterparty risk and liquidity
risk.
Enel SpA has adopted a system for governing financial
risks comprising internal committees, dedicated poli-
cies and operating limits. The goal is to appropriately
mitigate financial risks in order to prevent unexpected
variations in financial performance, without ruling out
the possibility of seizing any opportunities that may
arise.
Interest rate risk and currency risk
As part of its operations as an industrial holding com-
pany, Enel SpA is exposed to different market risks,
notably the risk of changes in interest rates and ex-
change rates.
Interest rate risk and currency risk are primarily gener-
ated by the presence of financial instruments.
The main financial liabilities held by the Company in-
clude bonds, bank borrowings, other borrowings, de-
rivatives, cash collateral for derivatives transactions and
trade payables. The main purpose of those financial in-
struments is to finance the operations of the Company.
The main financial assets held by the Company in-
clude loan assets, derivatives, cash deposits provided
as collateral for derivatives contracts, cash and cash
equivalents and short-term deposits, as well as trade
receivables. For more details, please see note 32 “Fi-
nancial instruments”.
The source of exposure to interest rate risk and cur-
rency risk did not change with respect to the previous
year.
As the Parent, Enel SpA centralizes some treasury
management functions and access to financial mar-
kets with regard to financial derivatives contracts on
interest rates and exchange rates. As part of this activ-
ity, Enel SpA acts as an intermediary for Group com-
panies with the market, taking positions that, while
they can be substantial, do not however represent an
exposure to the above risks for Enel SpA.
In 2024, the Group was positioned below the clearing
thresholds for all asset classes established under the
EMIR (Regulation (EU) no. 648/2012), maintaining its
classification as a non-financial counterparty not sub-
ject to clearing obligations.
The volume of transactions in financial derivatives out-
standing at December 31, 2024 is reported below, with
specification of the notional amount of each class of
instrument.
The notional amount of a derivative contract is the
amount on which cash flows are exchanged. This
amount can be expressed as a value or a quantity (for
example tons, converted into euro by multiplying the
notional amount by the agreed price).
The notional amounts of derivatives reported here do
not represent amounts exchanged between the par-
ties and therefore are not a measure of the Company’s
credit risk exposure.
Interest rate risk
Interest rate risk is the risk that the fair value or future
cash flows of a financial instrument will fluctuate be-
cause of changes in market interest rates.
Interest rate risk for the Company manifests itself as
a change in the flows associated with interest pay-
ments on floating-rate financial liabilities, a change in
financial terms and conditions in negotiating new debt
instruments or as an adverse change in the value of
financial assets/liabilities measured at fair value, which
are typically fixed-rate debt instruments.
Interest rate risk is managed with the dual goals of re-
ducing the amount of debt exposed to interest rate
fluctuations and containing the cost of funds, limiting
the volatility of results.
This goal is pursued through the strategic diversifica-
tion of the portfolio of financial liabilities by contract
type, maturity and interest rate, and modifying the risk
profile of specific exposures using OTC derivatives,
mainly interest rate swaps.
The notional amount of outstanding contracts is re-
ported below.
Graphics
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1. Report on Operations 2. Corporate governance 3. Separate financial statements 4. Reports
Millions of euro Notional amount
at Dec. 31, 2024 at Dec. 31, 2023
Interest rate derivatives
Interest rate swaps 6,726 5,652
Total 6,726 5,652
The term of such contracts does not exceed the ma-
turity of the underlying financial liability, so that any
change in the fair value and/or cash flows of such
contracts is offset by a corresponding change in the
fair value and/or cash flows of the underlying position.
Interest rate swaps normally provide for the periodic
exchange of floating-rate interest flows for fixed-rate
interest flows, both of which are calculated on the ba-
sis of the notional principal amount.
The notional amount of open interest rate swaps at
the end of the year was €6,726 million (€5,652 mil-
lion at December 31, 2023), of which €1,490 million
in respect of hedges of the Company’s share of debt,
and €5,236 million in respect of hedges of the debt
of Group companies with the market intermediated in
the same notional amount with those companies. The
increase in the overall notional amount is mainly attrib-
utable to the following factors:
new interest rate swaps transacted on behalf of
e-distribuzione in the total amount of €1,677 million;
€473 million in interest rate swaps reaching their
natural expiry or reduced as a result of amortiza-
tion;
early closing of an interest rate swap entered into
on behalf of Enel Generación Perú, for an amount of
€130 million, following the sale of generation assets
in Peru.
For more details on interest rate derivatives, please
see note 33 “Derivatives and hedge accounting”.
The amount of floating-rate debt that is not hedged
against interest rate risk is the main risk factor that
could impact the income statement (raising borrow-
ing costs) in the event of an increase in market interest
rates.
At December 31, 2024, 24% of gross long-term finan-
cial debt was floating rate (25% at December 31, 2023).
Taking account of hedges of interest rates considered
effective pursuant to IFRS 9, 83% of gross long-term
financial debt was hedged at December 31, 2024 (82%
at December 31, 2023). Including derivatives treated
as hedges for management purposes but ineligible for
hedge accounting, the ratio is essentially unchanged.
Interest rate risk sensitivity analysis
The Company analyses the sensitivity of its exposure
by estimating the effects of a change in interest rates
on the portfolio of financial instruments.
More specifically, sensitivity analysis measures the po-
tential impact of market scenarios on equity, for the
cash flow hedge component, and on profit or loss, for
the fair value hedge component on the fair value of fi-
nancial derivatives and the portion of gross long-term
debt not hedged using financial derivatives.
These scenarios are represented by parallel increases
and decreases in the yield curve as at the reporting
date.
There were no changes in the methods and assump-
tions used in the sensitivity analysis compared with
the previous year.
With all other variables held constant, pre-tax profit
would be affected as follows:
Graphics
Notes to the separate financial statements
124
REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
Millions of euro
Basis
points
at Dec. 31, 2024 at Dec. 31, 2023
Pre-tax impact
on profit or loss
Pre-tax impact
on equity
Pre-tax impact
on profit or loss
Pre-tax impact
on equity
Increase Decrease Increase Decrease Increase Decrease Increase Decrease
Change in financial
expense on gross
long-term floating-
rate debt in foreign
currency
25 7.7 (7.7) - - 8.5 (8.5) - -
Change in the fair
value of derivatives
classified as
non-hedging
instruments
25 3.4 (3.4) - - 4.5 (4.5) - -
Change in the fair
value of derivatives
designated
as hedging
instruments
Cash flow hedges 25 - - 5.9 (5.9) - - 9.2 (9.2)
Fair value hedges 25 - - - - - - - -
Currency risk
Currency risk is the risk that the fair value or future
cash flows of a financial instrument will fluctuate be-
cause of changes in exchange rates.
For Enel SpA, the main source of currency risk is the
presence of monetary financial instruments denomi-
nated in a currency other than the euro, mainly bonds
denominated in foreign currency.
The exposure to currency risk did not change with re-
spect to the previous year.
For more details, please see note 31 “Financial instru-
ments.
In order to minimize exposure to changes in exchange
rates, the Company normally uses a variety of OTC de-
rivatives such as currency forwards and cross currency
interest rate swaps. The term of such contracts does
not exceed the maturity of the underlying exposure.
Currency forwards are contracts in which the counter-
parties agree to exchange principal amounts denomi-
nated in different currencies at a specified future date
and exchange rate (the strike). Such contracts may call
for the actual exchange of the two amounts (deliver-
able forwards) or payment of the difference between
the strike exchange rate and the prevailing exchange
rate at maturity (non-deliverable forwards).
Cross currency interest rate swaps are used to trans-
form a long-term fixed- or floating-rate liability in for-
eign currency into an equivalent floating- or fixed-rate
liability in euros. In addition to having notional values
denominated in different currencies, these instru-
ments differ from interest rate swaps in that they pro-
vide both for the periodic exchange of cash flows and
the final exchange of principal.
The following table reports the notional amount of
transactions outstanding at December 31, 2024 and
December 31, 2023, broken down by type of hedged
item.
Graphics
Notes to the separate financial statements
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REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
1. Report on Operations 2. Corporate governance 3. Separate financial statements 4. Reports
Millions of euro Notional amount
at Dec. 31, 2024 at Dec. 31, 2023
Foreign exchange derivatives
Currency forwards: 3,888 6,129
- hedging currency risk on commodities 2,912 4,849
- hedging future cash flows 856 773
- other currency forwards 120 507
Cross currency interest rate swaps 2,050 1,969
Total 5,938 8,098
More specifically, these include:
currency forward contracts with a total notional
amount of €2,912 million, of which €1,456 million to
hedge the currency risk associated with purchases
of energy commodities by Group companies, with
matching transactions with the market;
currency forward contracts with a notional amount
of €856 million, to hedge the currency risk associ-
ated with other expected cash flows in currencies
other than the euro, of which €592 million in market
transactions;
currency forward contracts with a notional amount
of €120 million, of which €59 million in market trans-
actions to hedge the currency risk on contracts for
the acquisition of raw materials and semi-finished
products for the construction of photovoltaic pan-
els, denominated in currencies other than the euro;
cross currency interest rate swaps with a notional
amount of €2,050 million to hedge the currency risk
on the debt of Enel SpA or other Group companies
denominated in currencies other than the euro.
For more details, please see note 33 “Derivatives and
hedge accounting.
An analysis of the Group’s debt shows that 5.9% of
gross long-term debt is denominated in currencies
other than the euro.
Considering exchange rate hedges and the portion
of debt in foreign currency that is denominated in
the presentation currency or the functional currency
of the Company, the debt is fully hedged using cross
currency interest rate swaps.
Currency risk sensitivity analysis
The Company analyzes the sensitivity of its exposure
by estimating the effects of a change in exchange
rates on the portfolio of financial instruments.
More specifically, sensitivity analysis measures the po-
tential impact of market scenarios on equity, for the
cash flow hedge component, and on profit or loss, for
the fair value hedge component on the fair value of fi-
nancial derivatives and the portion of gross long-term
debt not hedged using financial derivatives.
These scenarios are represented by the appreciation/
depreciation of the euro against all of the foreign cur-
rencies compared with the value observed as at the
reporting date.
There were no changes in the methods and assump-
tions used in the sensitivity analysis compared with
the previous year.
With all other variables held constant, pre-tax profit
would be affected as follows:
Graphics
Notes to the separate financial statements
126
REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
Millions of euro
Exchange
rate
at Dec. 31, 2024
at Dec. 31, 2023
Pre-tax impact
on profit or loss
Pre-tax impact
on equity
Pre-tax impact
on profit or loss
Pre-tax impact
on equity
Appreciation
of euro
Depreciation
of euro
Appreciation
of euro
Depreciation
of euro
Appreciation
of euro
Depreciation
of euro
Appreciation
of euro
Depreciation
of euro
Change in
financial
expense on
gross long-term
floating-rate
debt in foreign
currency after
hedging
10% - - - - - - - -
Change in
the fair value
of derivatives
classified as
non-hedging
instruments
10% 29.7 (36.2) - - 10.1 (12.3) - -
Change in the
fair value of
derivatives
designated
as hedging
instruments
Cash flow
hedges
10% - - (108.0) 132.0 - - (108.2) 132.2
Fair value
hedges
10% - - - - - - - -
Credit and counterparty risk
Credit risk is represented by the possibility of a de-
terioration in the creditworthiness of a counterparty
in a financial transaction that could have an adverse
impact on the creditor position. The Company is ex-
posed to credit risk from its financial activities, includ-
ing transactions in derivatives, deposits with banks
and financial institutions, foreign exchange transac-
tions and other financial instruments.
The Company’s management of financial credit risk is
based on the selection of counterparties from among
leading Italian and international financial institutions
with high credit standing considered solvent both by
the market and on the basis of internal assessments,
diversifying the exposure among them. Credit expo-
sures and associated credit risk are regularly moni-
tored by the departments responsible for monitoring
risks under the policies and procedures outlined in
the governance rules for managing the Groups risks,
which are also designed to ensure prompt identifica-
tion of possible mitigation actions to be taken.
Within this general framework, Enel SpA entered into
margin agreements with the leading financial institu-
tions with which it operates that call for the exchange
of cash collateral, which significantly mitigates the ex-
posure to credit risk.
Loan assets
Millions of euro
Staging
Basis for recognizing
expected credit loss
allowance
Average loss rate
(PD*LGD)
Gross carrying
amount
Expected credit
loss allowance
Carrying
amount
at Dec. 31, 2024
Performing 12-month ECL 0.19% 2,644 5 2,639
Underperforming Lifetime ECL - - -
Non-performing - - -
Total 2,644 5 2,639
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REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
1. Report on Operations 2. Corporate governance 3. Separate financial statements 4. Reports
Trade receivables and other financial assets: collective measurement
Millions of euro at Dec. 31, 2024
Average loss rate
(PD*LGD)
Gross carrying
amount
Expected credit
loss allowance
Carrying
amount
Trade receivables
Trade receivables not past due 125 - 125
Trade receivables past due:
- 1-180 days 0.59% 17 - 17
- more than 180 days (credit impaired) 29.29% 78 23 55
Total trade receivables 220 23 197
Other financial assets
Other financial assets not past due 633 - 633
Other financial assets past due - - -
Total other financial assets 633 - 633
TOTAL 853 23 830
Liquidity risk
Liquidity risk is the risk that the Company will encoun-
ter difficulty in meeting obligations associated with fi-
nancial liabilities that are settled by delivering cash or
another financial asset.
The objectives of liquidity risk management policies
are:
ensuring an appropriate level of liquidity for the
Company, minimizing the associated opportunity
cost;
maintaining a balanced debt structure in terms of
the maturity profile and funding sources.
In the short term, liquidity risk is mitigated by main-
taining an appropriate level of unconditionally availa-
ble resources, including cash and short-term depos-
its, available committed credit lines and a portfolio of
highly liquid assets.
In the long term, liquidity risk is mitigated by maintain-
ing a balanced debt maturity profile and diversifying
funding sources in terms of instruments, markets/cur-
rencies and counterparties.
At December 31, 2024 Enel SpA had a total €2,121
million in cash or cash equivalents (€1,122 million at
December 31, 2023) and committed lines of credit
amounting to €8,250 million, all of which maturing in
more than one year (unchanged from December 31,
2023).
Maturity analysis
The table below summarizes the maturity profile of the
Company’s long-term debt.
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Notes to the separate financial statements
128
REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
Millions of euro Maturing in
Less than
3 months
Between
3 months
and 1 year
Between
1 and 2 years
Between
2 and 5 years
Over
5 years
Bonds:
- fixed rate - - - 849 868
- floating rate - 97 97 247 140
Total - 97 97 1,096 1,008
Bank borrowings:
- floating rate - 337 1,000 - -
Total - 337 1,000 - -
Non-bank financing:
- under fixed-rate leases - 1 1 1 -
Total - 1 1 1 -
Loans from Group companies:
- fixed rate 43 43 86 687 10,954
- floating rate 23 23 2,046 369
-
Total 66 66 2,132 1,056 10,954
TOTAL 66 501 3,230 2,153 11,962
Offsetting financial assets
and financial liabilities
The following table reports the net financial assets and
liabilities. More specifically, it shows that there are no
netting arrangements for derivatives in the separate
financial statements since the Company does not plan
to offset assets and liabilities. As envisaged by current
market regulations and to guarantee transactions in-
volving derivatives, Enel SpA has entered into margin
agreements with leading financial institutions that call
for the exchange of cash collateral, broken down as
shown in the table.
Millions of euro at Dec. 31, 2024
(a) (b) (c)=(a)-(b) (d) (e)=(c)-(d)
Correlated amounts not offset
in the financial statements
(d)(i),(d)(ii) (d)(iii)
Gross
amounts of
recognized
financial
assets/
(liabilities)
Gross amounts
of recognized
financial assets/
(liabilities) offset in
the statement of
financial position
Net amounts
of financial
assets/(liabilities)
presented in the
statement of
financial position
Financial
instruments
Net portion of
financial assets/
(liabilities)
guaranteed with
cash collateral
Net amount of
financial assets/
(liabilities)
FINANCIAL ASSETS
Derivative assets:
- on interest rate risk 87 87 (59) 28
- on currency risk 199 199 (139) 60
Total derivative assets 286 - 286 - (198) 88
TOTAL FINANCIAL ASSETS 286 - 286 - (198) 88
FINANCIAL LIABILITIES
Derivative liabilities:
- on interest rate risk (156) (156) 124 (32)
- on currency risk (527) (527) 431 (96)
Total derivative liabilities (683) - (683) - 555 (128)
TOTAL FINANCIAL LIABILITIES (683) - (683) - 555 (128)
NET FINANCIAL ASSETS/
(LIABILITIES)
(397) - (397) - 357 (40)
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REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
1. Report on Operations 2. Corporate governance 3. Separate financial statements 4. Reports
33. Derivatives and hedge accounting
The following tables report the notional amount and
fair value of derivative financial assets and liabilities by
type of hedge relationship and hedged risk, broken
down into current and non-current derivative financial
assets and liabilities.
The notional amount of a derivative contract is the
amount on the basis of which cash flows are ex-
changed. This amount can be expressed as a value or
a quantity (for example tons, converted into euros by
multiplying the notional amount by the agreed price).
Amounts denominated in currencies other than the
euro are translated at the closing year exchange rates
provided by the World Markets Refinitiv (WMR) Com-
pany.
Millions of euro Non-current Current
Notional amount Fair value Notional amount Fair value
DERIVATIVE
ASSETS
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023 Change
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023 Change
Derivatives
designated
as hedging
instruments
Cash flow
hedges:
- on interest
rate risk
500 1,000 4 21 (17) 500 - 1 - 1
- on currency
risk
665 950 47 118 (71) 337 - 37 - 37
Total cash flow
hedges
1,165 1,950 51 139 (88) 837 - 38 - 38
Derivatives
at FVTPL:
- on interest
rate risk
2,618 2,073 82 85 (3) - 8 - - -
- on currency
risk
383 281 46 37 9 1,535 2,961 69 76 (7)
Total derivatives
at FVTPL
3,001 2,354 128 122 6 1,535 2,969 69 76 (7)
TOTAL
DERIVATIVE
ASSETS
4,166 4,304 179 261 (82) 2,372 2,969 107 76 31
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REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
Millions of euro Non-current Current
Notional amount Fair value Notional amount Fair value
DERIVATIVE
LIABILITIES
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023 Change
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023 Change
Derivatives
designated
as hedging
instruments
Cash flow
hedges:
- on interest
rate risk
390 2,440 45 49 (4) - - - - -
- on currency
risk
771 712 407 449 (42) - - - - -
Total cash flow
hedges
1,161 3,152 452 498 (46) - - - - -
Derivatives
at FVTPL:
- on interest
rate risk
2,618 2,080 82 85 (3) 100 122 29 29 -
- on currency
risk
383 660 47 37 10 1,863 2,884 73 77 (4)
Total derivatives
at FVTPL
3,001 2 ,740 129 122 7 1,963 3,006 102 106 (4)
TOTAL
DERIVATIVE
LIABILITIES
4,162 5,892 581 620 (39) 1,963 3,006 102 106 (4)
33.1 Hedge accounting
Derivatives are initially recognized at fair value on
the trade date of the contract and are subsequently
re-measured at their fair value. The method of recog-
nizing the resulting gain or loss depends on whether
the derivative is designated as a hedging instrument,
and if so, the nature of the item being hedged.
Hedge accounting is applied to derivatives entered
into in order to reduce risks such as interest rate risk,
currency risk and commodity price risk (including Vir-
tual PPAs) and when all the criteria provided by IFRS 9
are met.
At the inception of the transaction, the Company
documents the relationship between hedging instru-
ments and hedged items, as well as its risk manage-
ment objectives and strategy. The Company also doc-
uments its assessment, both at hedge inception and
on an ongoing basis, of whether hedging instruments
are highly effective in offsetting changes in fair values
or cash flows of hedged items.
For cash flow hedges of forecast transactions desig-
nated as hedged items, the Company assesses and
documents that they are highly probable and present
an exposure to changes in cash flows that affect profit
or loss.
Depending on the nature of the risk exposure, the
Company designates derivatives as either:
fair value hedges;
cash flow hedges.
For more details about the nature and the extent of
risks arising from financial instruments to which the
Company is exposed, please refer to note 32 “Risk
management”.
To be effective a hedging relationship shall meet all of
the following criteria:
existence of an economic relationship between
hedging instrument and hedged item;
the effect of credit risk does not dominate the value
changes resulting from the economic relationship;
the hedge ratio defined at designation resulting
equal to the one used for risk management purpos-
es (i.e. same quantity of the hedged item that the
entity actually hedges and the quantity of the hedg-
ing instrument that the entity actually uses to hedge
the quantity of the hedged item).
Based on the IFRS 9 requirements, the existence of
an economic relationship is evaluated by the Compa-
ny through a qualitative assessment or a quantitative
computation, depending on the following circum-
stances:
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Notes to the separate financial statements
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REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
1. Report on Operations 2. Corporate governance 3. Separate financial statements 4. Reports
if the underlying risk of the hedging instrument and
the hedged item is the same, the existence of an
economic relationship will be provided through a
qualitative analysis;
on the other hand, if the underlying risk of the hedg-
ing instrument and the hedged item is not the same,
the existence of the economic relationship will be
demonstrated through a quantitative method in ad-
dition to a qualitative analysis of the nature of the
economic relationship (i.e. linear regression).
In order to demonstrate that the behavior of the hedg-
ing instrument is in line with those of the hedged item,
different scenarios will be analyzed.
For hedging of commodity price risk, the existence of
an economic relationship is deduced from a ranking
matrix that defines, for each possible risk component,
a set of all standard derivatives available in the market
whose ranking is based on their effectiveness in hedg-
ing the considered risk.
In order to evaluate the credit risk effects, the Compa-
ny considers the existence of risk mitigating measures
(collateral, mutual break-up clauses, netting agree-
ments, etc.)
The Company has established a hedge ratio of 1:1 for
all the hedging relationships (including commodity
price risk hedging) as the underlying risk of the hedg-
ing derivative is identical to the hedged risk, in order to
minimize hedging ineffectiveness.
The hedge ineffectiveness will be evaluated through a
qualitative assessment or a quantitative computation,
depending on the following circumstances:
if the critical terms of the hedged item and hedging
instrument match and there are no other sources of
ineffectiveness including the credit risk adjustment
on the hedging derivative, the hedge relationship
will be considered fully effective on the basis of a
qualitative assessment;
if the critical terms of the hedged item and hedg-
ing instrument do not match or there is at least one
source of ineffectiveness, the hedge ineffectiveness
will be quantified applying the dollar offset cumula-
tive method with hypothetical derivative. This meth-
od compares changes in fair values of the hedging
instrument and the hypothetical derivative between
the reporting date and the inception date.
The main causes of hedge ineffectiveness may be the
following:
basis differences (i.e. the fair value or cash flows
of the hedged item depend on a variable that is
different from the variable that causes the fair
value or cash flows of the hedging instrument to
change);
timing differences (i.e. the hedged item and hedging
instrument occur or are settled at different dates);
quantity or notional amount differences (i.e. the
hedged item and hedging instrument are based on
different quantities or notional amounts);
other risks (i.e. changes in the fair value or cash
flows of a derivative hedging instrument or hedged
item relate to risks other than the specific risk being
hedged);
credit risk (i.e. the counterparty credit risk differently
impacts the changes in the fair value of the hedging
instruments and hedged items).
Cash flow hedge
Cash flow hedges are applied in order to hedge the
Company exposure to changes in future cash flows
that are attributable to a particular risk associated
with a recognized asset or liability or a highly probable
transaction that could affect profit or loss.
The effective portion of changes in the fair value of de-
rivatives that are designated and qualify as cash flow
hedges is recognized in other comprehensive income.
The gain or loss relating to the ineffective portion is
recognized immediately in the income statement.
Amounts accumulated in equity are reclassified to
profit or loss in the period when the hedged item
affects profit or loss (for example, when the hedged
forecast sale takes place).
If the hedged item results in the recognition of a
non-financial asset (i.e. property, plant and equipment
or inventories, etc.) or a non-financial liability, or a
hedged forecast transaction for a non-financial asset
or a non-financial liability becomes a firm commitment
for which fair value hedge accounting is applied, the
amount accumulated in equity (i.e. hedging reserve)
shall be removed and included in the initial amount
(cost or other carrying amount) of the asset or the lia-
bility hedged (i.e. “basis adjustment”).
When a hedging instrument expires or is sold, or when
a hedge no longer meets the criteria for hedge ac-
counting, any cumulative gain or loss existing in equity
at that time remains in equity and is recognized when
the forecast transaction is ultimately recognized in the
income statement. When a forecast transaction is no
longer expected to occur, the cumulative gain or loss
that was reported in equity is immediately transferred
to the income statement.
For hedging relationships using forwards as a hedg-
ing instrument, where only the change in the value of
the spot element is designated as the hedging instru-
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Notes to the separate financial statements
132
REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
ment, accounting for the forward element (profit or
loss vs OCI) is defined case by case.
Conversely, hedging relationships using cross cur-
rency interest rate swaps as hedging instruments, the
Company separates foreign currency basis spreads,
in designating the hedging derivative, and presents
them in other comprehensive income (OCI) in the
hedging costs reserve.
With specific regard to cash flow hedges of commod-
ity risk, in order to improve their consistency with the
risk management strategy, the Company applies a dy-
namic hedge accounting approach based on specific
liquidity requirements (the so-called liquidity-based
approach).
This approach requires the designation of hedges
through the use of the most liquid derivatives available
on the market and replacing them with others that are
more effective in covering the risk in question.
Consistent with the risk management strategy, the li-
quidity-based approach allows the roll-over of a de-
rivative by replacing it with a new derivative, not only
in the event of expiry but also during the hedging re-
lationship, if and only if the new derivative meets both
of the following requirements:
it represents a best proxy of the old derivative in
terms of ranking;
it meets specific liquidity requirements.
Satisfaction of these requirements is verified quarterly.
At the roll-over date, the hedging relationship is not
discontinued. Therefore, starting from that date,
changes in the effective fair value of the new deriva-
tive will be recognized in equity (the hedging reserve),
while changes in the fair value of the old derivative are
recognized through profit or loss.
The Company currently uses these hedge relation-
ships to minimize the volatility of profit or loss.
Fair value hedges
Fair value hedges are used to protect the Company
against exposures to changes in the fair value of as-
sets, liabilities or firm commitment attributable to a
particular risk that could affect profit or loss.
Changes in the fair value of derivatives that qualify and
are designated as hedging instruments are recog-
nized in the income statement, together with changes
in the fair value of the hedged item that are attributa-
ble to the hedged risk.
If the hedge no longer meets the criteria for hedge
accounting, the adjustment to the carrying amount
of a hedged item for which the effective interest rate
method is used is amortized to profit or loss over the
residual life of the hedged element.
The Company does not currently use such hedging
relationships.
For more information on fair value measurement,
please see note 34 “Fair value measurement”.
33.1.1 Hedge relationship by type of credit risk
Interest rate risk
The following table shows the notional amount and
the average rate of instruments hedging interest rate
risk on transactions outstanding at December 31,
2024 and December 31, 2023, broken down by ma-
turity.
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REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
1. Report on Operations 2. Corporate governance 3. Separate financial statements 4. Reports
Millions of euro
At Dec. 31, 2024 2025 2026 2027 2028 2029 Beyond Total
Interest rate swaps
Notional amount 500 500 - - 150 240 1,390
Average IRS rate 1.63 1.78 5.44 4.32
Millions of euro
At Dec. 31, 2023 2024 2025 2026 2027 2028 Beyond Total
Interest rate swaps
Notional amount - 500 500 - - 390 1,390
Average IRS rate 1.63 1 .78 5.07
The interest rate swaps outstanding at the end of
the year and designated as hedging instruments
function as a cash flow hedge for the hedged item.
The cash flow hedge derivatives refer to the hedg-
ing of certain floating-rate bonds issued since
2001 and floating-rate bank loans obtained during
2020.
The following table shows the notional amount and the
fair value of hedging derivatives on interest rate risk as
at December 31, 2024 and December 31, 2023.
Millions of euro Notional amount Fair value assets Notional amount Fair value liabilities
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023
Cash flow hedge
derivatives
1,000 1,000 5 21 390 390 (45) (49)
Interest rate
swaps
1,000 1,000 5 21 390 390 (45) (49)
The deterioration in the fair value of derivatives com-
pared with the previous year is mainly attributable to a
decrease in the yield curve in 2024. This phenomenon
is mainly attributable to the impact of the gradual eas-
ing, mainly in the 2nd Half of 2024, of the restrictive
monetary policies implemented by central banks in
recent years.
The following table shows the cash flows expected in
coming years from cash flow hedge derivatives hedg-
ing interest rate risk.
Millions of euro Fair value Distribution of expected cash flows
Cash flow hedge derivatives on interest rates at Dec. 31, 2024 2025 2026 2027 2028 2029 Beyond
Positive fair value 5 6 1 - - - -
Negative fair value (45) (8) (9) (9) (8) (10) (9)
The following table shows the impact of interest rate hedge derivatives on the statement of financial position.
Millions of euro Notional amount Carrying amount
Fair value used to measure
ineffectiveness in the year
At Dec. 31, 2024
Interest rate swaps 1,390 (40) (40)
At Dec. 31, 2023
Interest rate swaps 1,390 (28) (28)
The following table shows the impact of hedged items exposed to interest rate risk on the statement of financial
position.
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Millions of euro
Fair value used
to measure
ineffectiveness
in the year
Hedging
reserve
Hedging costs
reserve
Fair value used
to measure
ineffectiveness
in the year
Hedging
reserve
Hedging costs
reserve
2024 2023
Floating-rate borrowings 20 (20) - (14) 14 -
Total 20 (20) - (14) 14 -
The following table shows the impact of cash flow hedges on interest rate risk on profit or loss and on other com-
prehensive income.
Millions of euro
Total other
comprehensive
income/
(expense)
Ineffective
portion
recognized in
profit or loss
Income
statement
item
Hedging
costs
Amount
reclassified
from OCI to
profit or loss
Income
statement
item
At Dec. 31, 2024
Floating-rate borrowings 4 - - (111) Financial
expense
Total at Dec. 31, 2024 4 - - (111)
At Dec. 31, 2023
Floating-rate borrowings (18) - - - (83) Financial
expense
Total at Dec. 31, 2023 (18) - - (83)
Currency risk
The following table shows the notional amount and
the average rate of instruments hedging currency
risk on transactions outstanding as at December 31,
2024 and December 31, 2023, broken down by ma-
turity.
Millions of euro
At Dec. 31, 2024 2025 2026 2027 2028 2029 Beyond Total
Cross currency interest rate swaps (CCIRSs)
Total notional amount - 337 - - - 1,436 1,773
Notional amount for CCIRSs EUR/USD - 337 - - - - 337
Average contractual exchange rate EUR/USD 1.16
Notional amount for CCIRSs EUR/GBP 1,436 1,436
Average contractual exchange rate EUR/GBP 0.68
Millions of euro
At Dec. 31, 2023 2025 2026 2027 2028 2029 Beyond Total
Cross currency interest rate swaps (CCIRSs)
Total notional amount - 316 - - - 1,373 1,689
Notional amount for CCIRSs EUR/USD - 316 - - - - 316
Average contractual exchange rate EUR/USD 1.16
Notional amount for CCIRSs EUR/GBP 1,373 1,373
Average contractual exchange rate EUR/GBP 0.68
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REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
1. Report on Operations 2. Corporate governance 3. Separate financial statements 4. Reports
The following table shows the notional amount and the
fair value of instruments hedging currency risk on trans-
actions outstanding at December 31, 2024 and Decem-
ber 31, 2023, broken down by type of hedged item.
Millions of euro Fair value
Notional
amount Fair value
Notional
amount
Assets Liabilities Assets Liabilities
Hedging instrument Hedged item at Dec. 31, 2024 at Dec. 31, 2023
Cross currency interest
rate swaps
Fixed-rate
borrowings in
foreign currency
47 (407) 1,436 102 (449) 1,373
Cross currency interest
rate swaps
Floating-rate
borrowings in
foreign currency
37 - 337 16 - 316
Total 84 (407) 1,773 118 (449) 1,689
The cross currency interest rate swaps outstanding
at the end of the year and designated as hedging
instruments function as a cash flow hedge for the
hedged item. More specifically, these derivatives
hedge fixed-rate bonds denominated in foreign cur-
rencies and a floating-rate borrowing in US dollars
that fell due and was renewed with Bank of America
in 2021.
The following table shows the notional amount and the
fair value of derivatives on currency risk at December
31, 2024 and December 31, 2023, broken down by
type of hedge.
Millions of euro Notional amount Fair value assets Notional amount Fair value liabilities
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023
Cash flow hedge
derivatives
1,002 950 84 118 771 739 (407) (449)
Cross currency
interest rate swaps
1,002 950 84 118 771 739 (407) (449)
At December 31, 2024 cross currency interest rate
swaps had a notional amount of €1,773 million (€1,689
million at December 31, 2023) and an overall negative
fair value of €323 million (a negative €331 million at
December 31, 2023).
The slight improvement of the fair value of cross cur-
rency interest rate swaps is mainly attributable to de-
velopments in the exchange rate of the euro against
the US dollar and the pound sterling and those in the
yield curve.
The following table reports the impact on the state-
ment of financial position of instruments hedging cur-
rency risk.
Millions of euro Notional amount Carrying amount
Fair value used to measure
ineffectiveness in the year
At Dec. 31, 2024
Cross currency interest rate
swaps
1,773 (323) (323)
At Dec. 31, 2023
Cross currency interest rate
swaps
1,689 (330) (326)
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The following table reports the impact on the statement of financial position of hedged items exposed to currency risk.
Millions of euro
Fair value used
to measure
ineffectiveness
in the year
Hedging
reserve
Hedging costs
reserve
Fair value used
to measure
ineffectiveness
in the year
Hedging
reserve
Hedging costs
reserve
2024 2023
Fixed-rate borrowings in
foreign currency
363 (363) 3 342 (342) (5)
Floating-rate borrowings
in foreign currency
(37) 37 - (16) 16 -
Total 326 (326) 3 326 (326) (5)
The following table shows the impact of cash flow hedges on currency risk on profit or loss and on other compre-
hensive income.
Millions of euro
Total other
comprehensive
income/
(expense)
Ineffective
portion
recognized in
profit or loss
Income
statement
item Hedging costs
Amount
reclassified
from OCI to
profit or loss
Income
statement
item
At Dec. 31, 2024
Fixed-rate borrowings in
foreign currency
(3) - - (45) Financial
expense
Floating-rate borrowings in
foreign currency
2 - - 97 Financial
income
Total at Dec. 31, 2024 (1) - - 52
At Dec. 31, 2023
Fixed-rate borrowings in
foreign currency
(251) - 4 (285) Financial
expense
Floating-rate borrowings in
foreign currency
12 - - 65 Financial
income
Total at Dec. 31, 2023 (239) - 4 (220)
The following table shows the cash flows expected in coming years from cash flow hedge derivatives on currency
risk.
Millions of euro Fair value Distribution of expected cash flows
Cash flow hedge derivatives on exchange rates at Dec. 31, 2024 2025 2026 2027 2028 2029 Beyond
Positive fair value 84 48 6 7 7 7 54
Negative fair value (407) (12) (14) (15) (15) (15) (255)
33.1.2 Impact of cash flow hedge derivatives on equity gross of tax effects
Millions of euro
Hedging
costs
Gross
change in
fair value
recognized
in OCI
Gross
change in
fair value
recognized
in profit or
loss
Gross change
in fair value
recognized in
profit or loss
– Ineffective
portion
Hedging
costs
Gross
change in
fair value
recognized
in OCI
Gross
change in
fair value
recognized
in profit or
loss
Gross change
in fair value
recognized in
profit or loss
– Ineffective
portion
at Dec. 31, 2024 at Dec. 31, 2023
Interest rate hedges - 4 (111) - - (18) (83) -
Exchange rate hedges 7 (1) 52 - - (239) (220) -
Hedging derivatives 7 3 (59) - - (257) (303) -
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1. Report on Operations 2. Corporate governance 3. Separate financial statements 4. Reports
33.2 Derivatives at fair value through
profit or loss
The following table shows the notional amount and the
fair value of derivatives at FVTPL as at December 31,
2024 and December 31, 2023 by risk type.
Millions of euro Notional amount Fair value assets Notional amount Fair value liabilities
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023
at Dec. 31,
2024
at Dec. 31,
2023
Derivatives at FVTPL
on interest rates
2,618 2,081 82 85 2,718 2,181 (111) (114)
Interest rate swaps 2,618 2,081 82 85 2,718 2,181 (111) (114)
Derivatives at FVTPL
on exchange rates
1,919 3,242 115 113 2,247 3,166 (120) (114)
Forwards 1,780 3,102 79 78 2,108 3,026 (83) (78)
Cross currency
interest rate swaps
139 140 36 35 139 140 (37) (36)
Total derivatives at
FVTPL
4,537 5,323 197 198 4,965 5,347 (231) (228)
At December 31, 2024, the overall notional amount of
derivatives at fair value through profit or loss on inter-
est rates and exchange rates came to €9,502 million
(€10,670 million at December 31, 2023) with an overall
negative fair value of €34 million (a negative €30 mil-
lion at December 31, 2023).
Interest rate swaps at the end of the year amounted
to €5,336 million. They refer primarily to hedges of the
debt of the Group companies with the market (€2,718
million) and intermediated with those companies
(€2,618 million).
The overall notional amount shows an increase of
€1,074 million on the previous year, mainly due to new
interest rate swaps in favor of e-distribuzione.
Forward contracts hedging currency risk had a notional
amount of €3,888 million (€6,128 million at December
31, 2023). Currency forwards with external counterpar-
ties amounted to €2,108 million (€3,140 million at De-
cember 31, 2023), and related mainly to OTC derivatives
entered into to mitigate the currency risk associated
with the prices of energy commodities within the pro-
visioning process of Group companies and matched
with market transactions, expected cash flows in cur-
rencies other than the euro connected with the acqui-
sition of raw materials and semi-finished products for
the construction of photovoltaic panels, as well as the
expected cash flows in foreign currency in respect of
interim dividends authorized by the subsidiaries.
Cross currency interest rate swaps, with a notional
amount of €139 million (€140 million at December 31,
2023), relate to hedges of currency risk on the debt
of the Group companies denominated in currencies
other than the euro and matched with market trans-
actions.
34. Fair value measurement
The Company measures fair value in accordance with
IFRS 13 whenever required by the IFRS.
Fair value is defined as the price that would be re-
ceived to sell an asset or paid to transfer a liability. The
best estimate is the market price, i.e. its current price,
publicly available and effectively traded on an active,
liquid market.
The fair value of assets and liabilities is categorized
into a fair value hierarchy that provides three levels de-
fined as follows on the basis of the inputs to valuation
techniques used to measure fair value:
Level 1: quoted prices (unadjusted) in active mar-
kets for identical assets or liabilities to which the
Company has access at the measurement date;
Level 2: inputs other than quoted prices included
within Level 1 that are observable for the asset or
liability, either directly (that is, as prices) or indirectly
(that is, derived from prices);
Level 3: inputs for the asset or liability that are not
based on observable market data (that is, unobserv-
able inputs).
In this note, the relevant disclosures are provided in or-
der to assess the following:
for assets and liabilities that are measured at fair
value on a recurring or non-recurring basis in the
Graphics
Notes to the separate financial statements
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REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
statement of financial position after initial recog-
nition, the valuation techniques and inputs used to
develop those measurements; and
for recurring fair value measurements using signifi-
cant unobservable inputs (Level 3), the effect of the
measurements on profit or loss or other compre-
hensive income for the year.
For this purpose:
recurring fair value measurements are those that
the IFRSs require or permit in the statement of fi-
nancial position at the end of each reporting period;
non-recurring fair value measurements are those
that the IFRSs require or permit in the statement of
financial position in particular circumstances.
The fair value of derivative contracts is determined us-
ing the official prices for instruments traded on regu-
lated markets. The fair value of instruments not listed
on a regulated market is determined using valuation
methods appropriate for each type of financial instru-
ments and market data as of the close of the reporting
period (such as interest rates, exchange rates, volatili-
ty), discounting expected future cash flows on the ba-
sis of the market yield curve and translating amounts
in currencies other than the euro using exchange
rates provided by the World Markets Refinitiv (WMR)
Company. For contracts involving commodities, the
measurement is conducted using prices, where avail-
able, for the same instruments on both regulated and
unregulated markets.
In accordance with the new IFRSs, in 2013 the Compa-
ny included a measurement of credit risk, both of the
counterparty (Credit Valuation Adjustment or CVA) and
its own (Debit Valuation Adjustment or DVA), in order
to adjust the fair value of financial instruments for the
corresponding amount of counterparty risk.
More specifically, the Company measures CVA/DVA
using a Potential Future Exposure valuation technique
for the net exposure of the position and subsequently
allocating the adjustment to the individual financial in-
struments that make up the overall portfolio. All of the
inputs used in this technique are observable on the
market. Changes in the assumptions underlying the
estimated inputs could have an effect on the fair value
reported for such instruments.
The notional amount of a derivative contract is the
amount on which cash flows are exchanged. This
amount can be expressed as a value or a quantity (for
example tons, converted into euros by multiplying the
notional amount by the agreed price).
Amounts denominated in currencies other than the
euro are translated into euros at the official exchange
rates provided by the World Markets Refinitiv (WMR)
Company.
The notional amounts of derivatives reported here do
not necessarily represent amounts exchanged be-
tween the parties and therefore are not a measure of
the Company’s credit risk exposure.
For listed debt instruments, the fair value is given by
official prices. For unlisted instruments the fair value
is determined using appropriate valuation techniques
for each category of financial instruments and market
data at the reporting date, including the credit spreads
of Enel.
34.1 Assets measured at fair value
in the statement of financial position
The following table shows, for each class of assets
measured at fair value on a recurring or non-recurring
basis in the statement of financial position, the fair
value measurement at the end of the reporting period
and the level in the fair value hierarchy into which the
fair value measurements are categorized.
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1. Report on Operations 2. Corporate governance 3. Separate financial statements 4. Reports
Millions of euro Non-current assets Current assets
Notes
Fair value
at Dec. 31,
2024 Level 1 Level 2 Level 3
Fair value
at Dec. 31,
2024 Level 1 Level 2 Level 3
Derivatives
Cash flow hedge derivatives:
- on interest rate risk 4 - 4 - 1 - - -
- on currency risk 33 47 - 47 - 37 - - -
Total cash flow hedges 51 - 51 - 38 - - -
Fair value through profit or loss:
- on interest rate risk 33 82 - 82 - - - - -
- on currency risk 33 46 - 46 - 69 - 69 -
Total fair value through profit or
loss
128 - 128 - 69 - 69 -
TOTAL 179 - 179 - 107 - 69 -
34.2 Liabilities measured at fair value
in the statement of financial position
The following table reports, for each class of liabilities
measured at fair value on a recurring or non-recurring
basis in the statement of financial position, the fair
value measurement at the end of the reporting period
and the level in the fair value hierarchy into which the
fair value measurements are categorized.
Millions of euro Non-current liabilities Current liabilities
Notes
Fair value
at Dec. 31,
2024 Level 1 Level 2 Level 3
Fair value
at Dec. 31,
2024 Level 1 Level 2 Level 3
Derivatives
Cash flow hedge derivatives:
- on interest rate risk 33 45 - 45 - - - - -
- on currency risk 33 407 - 407 - - - - -
Total cash flow hedges 452 - 452 - - - - -
Fair value through profit or loss:
- on interest rate risk 33 82 - 82 - 29 - 29 -
- on currency risk 33 47 - 47 - 73 - 73 -
Total fair value through profit or
loss
129 - 129 - 102 - 102 -
TOTAL 581 - 581 - 102 - 102 -
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34.3 Liabilities not measured at fair value
in the statement of financial position
The following table shows, for each class of liabilities
not measured at fair value in the statement of financial
position but for which the fair value shall be disclosed,
the fair value at the end of the reporting period and
the level in the fair value hierarchy into which the fair
value measurements are categorized.
Millions of euro LIABILITIES
Notes
Fair value at
Dec. 31, 2024 Level 1 Level 2 Level 3
Bonds:
- fixed rate 31.2.1 1,798 1,798 - -
- floating rate 31.2.1 575 67 508 -
Total 2,373 1,865 508 -
Bank borrowings:
- floating rate 31.2.1 1,354 - 1,354 -
Total 1,354 - 1,354 -
Non-bank financing:
- under fixed-rate leases 31.2.1 3 - 3 -
Total 3 - 3 -
Loans from Group companies:
- fixed rate 31.2.1 10,517 - 10,517 -
- floating rate 31.2.1 2,485 - 2,485 -
Total 13,002 - 13,002 -
TOTAL 16,732 1,865 14,867 -
35. Share-based payments
Starting in 2019, the Shareholders’ Meeting of Enel SpA
(“Enel” or the “Company”) has each year approved the
adoption of long-term share-based incentive plans
for the management of Enel and/or its subsidiaries
pursuant to Article 2359 of the Civil Code. Each of the
incentive plans approved (the 2019 Long-Term Incen-
tive Plan, the 2020 Long-Term Incentive Plan, the 2021
Long-Term Incentive Plan, the 2022 Long-Term Incen-
tive Plan, the 2023 Long-Term Incentive Plan, the 2024
Long-Term Incentive Plan, referred to hereinafter, re-
spectively, the “2019 LTI Plan, the “2020 LTI Plan, the
“2021 LTI Plan, the “2022 LTI Plan, the “2023 LTI Plan,
the “2024 LTI Plan” and, jointly, the “Plans”) provides for
the grant of ordinary Company shares (“Shares”) to the
respective beneficiaries subject to the achievement of
specific performance targets.
Plan beneficiaries are the Chief Executive Officer/Gen-
eral Manager of Enel and Enel Group managers in the
positions most directly responsible for company per-
formance or considered to be of strategic interest. The
Plans provide for the award to the beneficiaries of an
incentive consisting of a monetary component and an
equity component. This incentive – determined, at the
time of the award, as a base value calculated in relation
to the fixed remuneration of the individual beneficiary
– may vary depending on the degree of achievement
of each of the three-year performance targets by the
Plans, ranging from zero up to a maximum of 280% or
180% of the base value in the case, respectively, of the
Chief Executive Officer/General Manager or the other
beneficiaries.
The Plans establish that, of the total incentive effec-
tively vested, the bonus will be fully paid in shares: (a)
for the 2019, 2020, 2021 and 2022 LTI Plans (i) up to
100% of the base value for the Chief Executive Of-
ficer/General Manager (up to 130% for the 2022 LTI
Plan), and (ii) up to 50% of the base value for the other
beneficiaries (up to 65% for the 2022 LTI Plan); (b) for
the 2023 and the 2024 LTI Plans (i) up to 150% of the
base value for the Chief Executive Officer/General
Manager, (ii) up to 100% of the base value for officers
reporting directly to the Chief Executive Officer/Gen-
eral Manager, including key management personnel,
and (iii) up to 65% of the base value for the other ben-
eficiaries, other than those indicated under (i) and (ii)
above.
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1. Report on Operations 2. Corporate governance 3. Separate financial statements 4. Reports
The actual award of the bonus under the Plans is
subject to the achievement of specific performance
targets during the three year performance period. If
these targets are achieved, 30% of both the stock and
cash components of the incentive will be paid in the
first year following the end of the performance period
and the remaining 70% will be paid in the second year
following the end of the performance period. The pay-
ment of a substantial portion of long-term variable re-
muneration (70% of the total) is therefore deferred to
the second year following the end of the performance
period of the individual Plans.
8. The date on which the Board of Directors approved the procedures and timing for granting the 2019 LTI Plan to the beneficiaries (taking ac-
count of the proposal issued by the Nomination and Compensation Committee at its meeting of November 11, 2019).
9. On the occasion of the approval of the consolidated financial statements of the Enel Group at December 31, 2021, the Board of Directors
verified the level of achievement of the performance targets of the 2019 LTI Plan.
10. On September 5, 2022 the Company awarded part of the equity component of the bonus vested by the beneficiaries of the 2019 LTI Plan,
in accordance with the Plan rules. The remainder of the equity component of the bonus vested by the beneficiaries of the 2019 LTI Plan was
awarded on September 5, 2023.
11. The date on which the Board of Directors approved the procedures and timing for granting the 2020 LTI Plan to the beneficiaries (taking ac-
count of the proposal issued by the Nomination and Compensation Committee at its meeting of September 16, 2020).
12. On the occasion of the approval of the consolidated financial statements of the Enel Group at December 31, 2022, the Board of Directors
verified the level of achievement of the performance targets of the 2020 LTI Plan.
13. On September 5, 2023 the Company awarded part of the equity component of the bonus vested by the beneficiaries of the 2020 LTI Plan,
in accordance with the Plan rules. The remainder of the equity component of the bonus vested by the beneficiaries of the 2020 LTI Plan was
awarded on September 5, 2024.
14. The date on which the Board of Directors approved the procedures and timing for granting the 2021 LTI Plan to the beneficiaries (taking ac-
count of the proposal issued by the Nomination and Compensation Committee at its meeting of June 9, 2021).
15. On the occasion of the approval of the consolidated financial statements of the Enel Group at December 31, 2023, the Board of Directors
verified the level of achievement of the performance targets of the 2021 LTI Plan.
16. On September 5, 2024 the Company awarded part of the equity component of the bonus vested by the beneficiaries of the 2021 LTI Plan, in
accordance with the Plan rules.
17. The date on which the Board of Directors approved the procedures and timing for granting the 2022 LTI Plan to the beneficiaries (taking ac-
count of the proposal issued by the Nomination and Compensation Committee at its meeting of June 8, 2022).
18. On the occasion of the approval of the consolidated financial statements of the Enel Group at December 31, 2024, the Board of Directors will
verify the level of achievement of the performance targets of the 2022 LTI Plan.
19. The date on which the Board of Directors approved the procedures and timing for granting the 2023 LTI Plan to the beneficiaries (taking ac-
count of the proposal issued by the Nomination and Compensation Committee at its meeting of October 4, 2023).
20. On the occasion of the approval of the consolidated financial statements of the Enel Group at December 31, 2025, the Board of Directors will
verify the level of achievement of the performance targets of the 2023 LTI Plan.
21. The date on which the Board of Directors approved the procedures and timing for granting the 2024 LTI Plan to the beneficiaries (taking ac-
count of the proposal issued by the Nomination and Compensation Committee at its meeting of July 24, 2024).
22. On the occasion of the approval of the consolidated financial statements of the Enel Group at December 31, 2026, the Board of Directors will
verify the level of achievement of the performance targets of the 2024 LTI Plan.
The following table provides information on the 2019
LTI Plan, the 2020 LTI Plan, the 2021 LTI Plan, the 2022
LTI Plan, the 2023 LTI Plan and the 2024 LTI Plan.
For more information on the characteristics of the
Plans, please see the information documents prepared
pursuant to Article 84-bis of the CONSOB Regulation
issued with Resolution no. 11971 of May 14, 1999 (the
Issuers Regulation), which are available to the public
in the section of Enel’s website (www.enel.com) dedi-
cated to the Shareholders’ Meetings held respectively
on May 16, 2019, May 14, 2020, May 20, 2021, May 19,
2022, May 10, 2023 and May 23, 2024.
Grant date Performance period
Verification of
achievement of targets Payout
2019 LTI Plan 12/11/2019
8
2019-2021 2022
9
2022-2023
10
2020 LTI Plan 17/09/2020
11
2020-2022 2023
12
2023-2024
13
2021 LTI Plan 16/09/2021
14
2021-2023 2024
15
2024-2025
16
2022 LTI Plan 21/09/2022
17
2022-2024 2025
18
2025-2026
2023 LTI Plan 05/10/2023
19
2023-2025 2026
20
2026-2027
2024 LTI Plan 19/09/2024
21
2024-2026 2027
22
2027-2028
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REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
In implementation of the authorizations granted by
the Shareholders’ Meetings held on the dates indicat-
ed above and in compliance with the associated terms
and conditions, the Board of Directors approved – at
its meetings of September 19, 2019, July 29, 2020 June
17, 2021, June 16, 2022, October 5, 2023 and July 25,
2024 – the launch of share buyback programs to serve
23. Shares purchased in the period between September 23 and December 2, 2019, equal to about 0.015% of share capital.
24. Shares purchased in the period between September 3 and October 28, 2020, equal to about 0.017% of share capital.
25. Shares purchased in the period between June 18 and July 21, 2021, equal to about 0.016% of share capital.
26. Shares purchased in the period between June 17 and July 20, 2022, equal to about 0.026% of share capital.
27. Shares purchased in the period between October 16, 2023 and January 18, 2024, equal to about 0.041% of share capital.
28. Shares purchased in the period between September 16 and November 8, 2024, equal to about 0.028% of share capital.
the 2019 LTI Plan, the 2020 LTI Plan, the 2021 LTI Plan,
the 2022 LTI Plan, the 2023 LTI Plan and the 2024 LTI
Plan, respectively. The number of Shares whose pur-
chase was authorized by the Board of Directors for
each Plan, the actual number of Shares purchased, the
associated weighted average price and total value are
shown below.
Purchases authorized
by the Board of Directors Actual purchases
Number of shares Number of shares
Weighted average price
(euros per share) Total value (euros)
2019 LTI
Plan
No more than 2,500,000
for a maximum amount of
€10,500,000 million
1,549,152
23
6.7779 10,499,999
2020 LTI
Plan
1,720,000 1,720,000
24
7.4366 12,790,870
2021 LTI
Plan
1,620,000 1,620,000
25
7.8737 12,755,459
2022 LTI
Plan
2,700,000 2,700,000
26
5.1951 14,026,715
2023 LTI
Plan
4,200,000 4,200,000
27
6.3145 26,520,849
2024 LTI
Plan
2,900,000 2,900,000
28
7.0210 20,360,977
As a result of the purchases made to support the Plans
and the award of a total 2,609,482 shares in Septem-
ber 2022, 2023 and 2024 to the beneficiaries of the
2019, 2020 and 2021 LTI Plans, in accordance with the
Plan rules, at December 31, 2024 Enel holds a total of
12,079,670 treasury shares, equal to about 0.1188% of
share capital.
The following information concerns the equity instru-
ments granted in 2019, 2020, 2021, 2022, 2023 and
2024.
Graphics
Notes to the separate financial statements
143
REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
1. Report on Operations 2. Corporate governance 3. Separate financial statements 4. Reports
2024 2023
Number of
shares granted at
the grant date
Fair value per
share at the
grant date
Number of shares
potentially available
for award
Number of
shares awarded
Number of shares
potentially available
for award
Number of
shares awarded
2019 LTI Plan 1,538,547 6.983 0 0 0 956,562
29
2020 LTI Plan 1,638,775 7.380 0 708,456
30
728,265 312,127
31
2021 LTI Plan 1,577,773 7.0010 443,608 196,980
32
1,375,671 -
2022 LTI Plan 2,398,143 4.8495 1,858,051 - 2,023,677 -
2023 LTI Plan 4,040,820 5.5540 3,804,244 - 4,040,820 -
2024 LTI Plan 2 , 877,7 14 6.9730 2 , 877,7 14 - - -
29. The table shows the number of Shares awarded on September 5, 2023, to the beneficiaries of the 2019 LTI Plan which make up the remaining
portion of the equity component of the bonus vested by the beneficiaries following the achievement of the performance objectives of the Plan.
30. The table shows the number of Shares awarded on September 5, 2024, to the beneficiaries of the 2020 LTI Plan which make up the remaining
portion of the equity component of the bonus vested by the beneficiaries following the achievement of the performance objectives of the Plan.
31. The table shows the number of Shares awarded on September 5, 2023, to the beneficiaries of the 2020 LTI Plan which make up the remaining
portion of the equity component of the bonus vested by the beneficiaries following the achievement of the performance objectives of the Plan.
The remaining portion of the equity component of the bonus, in accordance with the terms and procedures of the rules of the 2020 LTI Plan,
was paid on September 5, 2024.
32. The table shows the number of Shares awarded on September 5, 2024, to the beneficiaries of the 2021 LTI Plan which make up the remaining
portion of the equity component of the bonus vested by the beneficiaries following the achievement of the performance objectives of the
Plan. Disbursement of the remaining portion of the equity component of the bonus is deferred to 2025, in accordance with the terms and
procedures of the rules of the 2021 LTI Plan.
33. For the 2019 LTI Plan, the grant date is November 12, 2019, i.e. the date of the meeting of the Board of Directors that approved the procedures
and timing of the grant of the 2019 LTI Plan to the beneficiaries.
For the 2020 LTI Plan, the grant date is September 17, 2020, i.e. the date of the meeting of the Board of Directors that approved the procedures
and timing of the grant of the 2020 LTI Plan to the beneficiaries.
For the 2021 LTI Plan, the grant date is September 16, 2021, i.e. the date of the meeting of the Board of Directors that approved the procedures
and timing of the grant of the 2021 LTI Plan to the beneficiaries.
For the 2022 LTI Plan, the grant date is September 21, 2022, i.e. the date of the meeting of the Board of Directors that approved the procedures
and timing of the grant of the 2022 LTI Plan to the beneficiaries.
For the 2023 LTI Plan, the grant date is October 5, 2023, i.e. the date of the meeting of the Board of Directors that approved the procedures
and timing of the grant of the 2023 LTI Plan to the beneficiaries.
For the 2024 LTI Plan, the grant date is September 19, 2024, i.e. the date of the meeting of the Board of Directors that approved the procedures
and timing of the grant of the 2024 LTI Plan to the beneficiaries.
The fair value of those equity instruments is measured
on the basis of the market price of Enel Shares at the
grant date.
33
The cost of the equity component is determined on
the basis of the fair value of the equity instruments
granted and is recognized over the duration of the
vesting period through an equity reserve.
The total costs recognized by the Group through prof-
it or loss amounted to €10 million in 2024 (€6 million
in 2023).
There have been no terminations or amendments in-
volving the approved Plans.
36. Related parties
Related parties have been identified on the basis of
the provisions of the IFRS and the applicable CONSOB
measures.
The transactions Enel SpA entered into with its sub-
sidiaries mainly involved the provision of services, the
sourcing and employment of financial resources, in-
surance coverage, human resource management and
organization, legal and corporate services, and the
planning and coordination of tax and administrative
activities.
All the transactions are part of routine operations, are
carried out in the interest of the Company and are set-
tled on an arms length basis, i.e. on the same market
terms as agreements entered into between two inde-
pendent parties.
Finally, the Enel Group’s corporate governance
rules, which are discussed in greater detail in the
Report on Corporate Governance and Ownership
Structure available on the Company’s website
(www.enel.com), establish conditions for ensur-
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Notes to the separate financial statements
144
REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
ing that transactions with related parties are per-
formed with transparency and procedural and sub-
stantive propriety.
The disclosures on the remuneration of members of
the Board of Directors, members of the Board of Stat-
utory Auditors, the General Manager and key manage-
ment personnel required under IAS 24 are provided in
the tables below.
Millions of euro
2024 2023 Change
Remuneration of members of the Board of Directors,
Board of Statutory Auditors and General Manager
Short-term benefits 5 5 - -
Termination benefit - 5 (5) -
Share-based payments 1 1 - -
Total 6 11 (5) -45.5%
Millions of euro
2024 2023 Change
Remuneration of key management personnel
Short-term benefits 7 8 (1) -12.5%
Termination benefit - 4 (4) -
Share-based payments 1 1 - -
Total 8 13 (5) -38.5%
In November 2010, the Board of Directors of Enel SpA
approved a procedure governing the approval and
execution of transactions with related parties car-
ried out by Enel SpA directly or through subsidiaries
(Enel Procedure for Transactions with Related Par-
ties), most recently updated in June 2021. The pro-
cedure (available at https://www.enel.com/investors/
bylaws-rules-and-policies/transactions-with-relat-
ed-parties/) sets out rules designed to ensure the
transparency and procedural and substantive propri-
ety of transactions with related parties. It was adopted
in implementation of the provisions of Article 2391-bis
of the Italian Civil Code and the implementing regula-
tions issued by CONSOB with Resolution no. 17221 of
March 12, 2010, as amended (“CONSOB Regulation”).
No related-party transactions requiring disclosure
in the financial statements pursuant to the CONSOB
Regulation were carried out in 2024.
The following tables summarize commercial, financial
and other relationships between the Company and re-
lated parties.
Graphics
Notes to the separate financial statements
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REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
1. Report on Operations 2. Corporate governance 3. Separate financial statements 4. Reports
Commercial and other transactions
Millions of euro
Costs Revenue
Trade receivables Trade payables Goods Services Goods Services
at Dec. 31,
2024
at Dec. 31,
2024 2024 2024
Subsidiaries, joint ventures and associates
3SUN Srl - 29 - - - -
Agatos Green Power Trino Srl - 1 - - - -
C&C Uno Energy Srl - 1 - - - -
Edistribución Redes Digitales SLU 4 1 - - - 4
e-distribuzione SpA 214 17 - - - 17
E-Solar Srl 1 - - - - -
E-Solar 2 Srl - 1 - - - -
Eletropaulo Metropolitana Eletricidade de São Paulo SA 2 - - - - -
Empresa Distribuidora Sur SA - Edesur 1 - - - - 1
Endesa Energía SAU 2 - - - - -
Endesa Generación SAU 3 - - - - 3
Endesa Medios y Sistemas SLU 1 - - - - 1
Endesa SA 8 - - - - 7
Enel Américas SA 295 1 - - - -
Enel Brasil SA 57 1 - - - 26
Enel Chile SA 41 - - - - 3
Enel Colombia SA ESP 2 - - - - 2
Enel Distribución Chile SA 1 - - - - 1
Enel Energia SpA 8 159 - - - 11
Enel Finance America LLC 9 - - - - -
Enel Generación Chile SA 2 - - - - 2
Enel Global Services Srl 14 49 - 72 - 2
Enel Global Trading SpA 35 5 - - - 4
Enel Green Power Chile SA 2 - - - - -
Enel Green Power España SLU 2 - - - - 2
Enel Green Power Italia Srl 176 12 - - - 4
Enel Green Power North America Inc. 1 - - - - 2
Enel Green Power SpA 22 8 - 3 - 5
Enel Green Power Sannio Srl - 1 - - - -
Enel Grids Srl 2 9 - 7 - 1
Enel Iberia SRLU 301 4 - 3 - -
Enel Innovation Hubs Srl - 4 - 4 - -
Enel Italia SpA 5 190 - 29 - 4
Enel Libra Flexsys Srl 10 - - - - -
Enel North America Inc. 4 1 - - - 4
Enel Produzione SpA 115 42 - - - 4
Enel Reinsurance - Compagnia di riassicurazione SpA 20 - - - - 1
Enel Services México SA de Cv 1 - - - - 1
Enel Sole Srl (1) 3 - - - -
Enel Trading Argentina Srl 1 - - - - (1)
Enel X Advisory Services Srl - 2 - - - -
Enel X Italia Srl - 17 - - - -
Enel X North America Inc. 2 - - - - -
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REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
Millions of euro
Costs Revenue
Trade receivables Trade payables Goods Services Goods Services
at Dec. 31,
2024
at Dec. 31,
2024 2024 2024
Subsidiaries, joint ventures and associates
Enel X Srl 6 12 - 2 - 5
Enel X Way Srl - 6 - - - -
Enel X Way Italia Srl 2 16 - - - -
Gas y Electricidad Generación SAU 2 - - - - -
Ilary Energia Srl 2 3 - - - -
Maicor Wind Srl 2 - - - - -
Principia Energy Generation Single Member SA 6 - - - - -
Potentia Energy Group (Pty) Ltd 1 - - - - -
Servizio Elettrico Nazionale SpA - 44 - - - -
Società Elettrica Trigno Srl - 1 - - - -
Unión Eléctrica de Canarias Generación SAU 1 - - - - 1
Vektör Enerjí Üretím Anoním Şírketí 8 - - - - -
Total 1,393 640 - 120 - 117
Other related parties
Enel Cuore Onlus - - - - - 1
Fondazione Centro Studi Enel 4 - - - - 1
FONDENEL - - - 2 - -
FOPEN - 1 - 2 - -
Total 4 1 - 4 - 2
TOTAL 1,397 641 - 124 - 119
Millions of euro
Costs Revenue
Trade receivables Trade payables Goods Services Goods Services
at Dec. 31,
2023
at Dec. 31,
2023 2023 2023
Subsidiaries, joint ventures and associates
3SUN Srl - 24 - - - -
Agatos Green Power Trino Srl - 1 - - - 1
C&C Uno Energy Srl 1 - - - - -
Edistribución Redes Digitales SLU 5 1 - - - 3
e-distribuzione SpA 64 118 - - - 23
E-Solar Srl - 2 - - - -
Eletropaulo Metropolitana Eletricidade de São Paulo SA 2 - - - - -
Empresa Distribuidora Sur SA - Edesur - - - - - (1)
Endesa Energía SAU 2 - - - - 2
Endesa Generación SAU 3 - - - - 2
Endesa Medios y Sistemas SLU 1 - - - - (1)
Endesa SA 8 - - - - 6
Endesa X Servicios SLU 1 - - - - -
Enel Américas SA 90 1 - - - 3
Enel Brasil SA 32 1 - 1 - 24
Enel Chile SA 33 - - - - 3
Enel Colombia SA ESP 2 - - - - 2
Enel Distribución Chile SA 2 - - - - 2
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REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
1. Report on Operations 2. Corporate governance 3. Separate financial statements 4. Reports
Millions of euro
Costs Revenue
Trade receivables Trade payables Goods Services Goods Services
at Dec. 31,
2023
at Dec. 31,
2023 2023 2023
Subsidiaries, joint ventures and associates
Enel Distribución Perú SAA 3 - - - - 2
Enel Energia SpA 749 72 - - - 4
Enel Finance America LLC 6 - - - - -
Enel Finance International NV - - - - - 2
Enel Generación Chile SA 2 - - - - 2
Enel Generación Perú SAA 2 - - - - 1
Enel Global Services Srl 13 68 - 77 - 1
Enel Global Trading SpA 360 16 - - - 3
Enel Green Power Chile SA 3 - - - - 1
Enel Green Power España SLU 1 - - - - -
Enel Green Power Hellas SA 6 - - - - -
Enel Green Power Italia Srl 2 53 - - - 1
Enel Green Power North America Inc. 2 - - - - 2
Enel Green Power Rus LLC 1 - - - - -
Enel Green Power SpA 3 36 - 4 - 4
Enel Green Power Sannio Srl - 1 - - - -
Enel Grids Srl 1 41 - 7 - 1
Enel Iberia SRLU 300 5 - 4 - -
Enel Innovation Hubs Srl - 5 - 5 - -
Enel Italia SpA 2 131 - 27 - 1
Enel North America Inc. 2 1 - - - 4
Enel Produzione SpA 26 208 - - - 8
Enel Romania SA - - - 1 - 1
Enel Sole Srl - 2 - - - -
Enel Trading Argentina Srl 2 - - - - 1
Enel X Italia Srl 20 1 - - - -
Enel X International Srl - 9 - - - -
Enel X North America Inc. 2 - - - - 1
Enel X Srl 2 14 - - - 1
Enel X Way Srl 2 11 - - - 2
Enel X Way Italia Srl - 13 - - - -
Gas y Electricidad Generación SAU 2 - - - - -
Gridspertise Srl 1 1 - - - -
Maicor Wind Srl - 9 - - 1 -
Servizio Elettrico Nazionale SpA 9 74 - - 2 1
Società Elettrica Trigno Srl - 1 - - 3 -
Unión Eléctrica de Canarias Generación SAU 1 1 - - - 1
Vektör Enerjí Üretím Anoním Şírketí 8 - - - - -
Total 1,779 921 - 126 - 114
Other related parties
Enel Cuore Onlus 1 - - - - 2
Fondazione Centro Studi Enel 3 - - - - -
Total 4 - - - - 2
TOTAL 1,783 921 - 126 - 116
Graphics
Notes to the separate financial statements
148
REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
Financial transactions
Millions of euro Loan assets Borrowings Guarantees Costs Revenue Dividends
at Dec. 31, 2024 2024
Subsidiaries, joint ventures and associates
Concert Srl - 3 - - - -
e-distribuzione SpA - - 2,001 - 8 -
Eletropaulo Metropolitana Eletricidade de São Paulo SA - - 294 - 1 -
Enel Américas SA - - - - - 399
Enel Brasil SA 3 - 679 - 11 -
Enel Chile SA - - 860 - 1 216
Enel Colombia SA ESP - - 33 - - -
Enel Costa Rica CAM SA - - 8 - - -
Enel Energia SpA - - 454 - 3 -
Enel Finance America LLC - - 2,722 - 3 -
Enel Finance International NV - 19,327 52,298 522 67 1,075
Enel Generación Perú SAA - - - - 3 -
Enel Global Services Srl 126 1 24 3 9 -
Enel Global Trading SpA 4 1,045 1,973 248 105 1,103
Enel Green Power Chile SA - - 83 - 1 -
Enel Green Power Development Srl - 1 - - - -
Enel Green Power Hellas SA - - - - - -
Enel Green Power Italia Srl - - 276 - 1 -
Enel Green Power Matimba Newco 1 Srl - - - - - -
Enel Green Power México S de RL de Cv 20 - 764 - 12 -
Enel Green Power Partecipazioni Speciali Srl - 3 - - - -
Enel Green Power Perú SAC - - - - - -
Enel Green Power Solar Ngonye SpA - 1 - - - -
Enel Green Power South Africa (Pty) Ltd 57 - 266 - 7 -
Enel Green Power SpA 108 4 776 8 10 166
Enel Grids Srl 167 - 25 - 7 -
Enel Holding Finance Srl - 1 - - - 3,225
Enel Iberia SRLU - - - - - 375
Enel Innovation Hubs Srl - 4 1 - - -
Enel Italia SpA 183 47 6,656 46 252 -
Enel North America Inc. 77 - 16,728 - 35 -
Enel Produzione SpA - - 277 - 6 -
Enel Reinsurance - Compagnia di riassicurazione SpA - 363 414 13 - -
Enel Sole Srl - - 129 - 1 -
Enel X Advisory Services Srl 72 - - - 4 -
Enel X Australia (Pty) Ltd - - 11 - - -
Enel X International Srl 12 - - - 1 -
Enel X Italia Srl - - 1 - - -
Enel X North America Inc. 3 - 71 - 1 -
Enel X Polska Sp. zo o - - 17 - - -
Enel X Srl 939 - 4 - 41 -
Enel X UK Limited - - 16 - - -
Enel X Way Srl 296 - 123 - 11 -
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REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
1. Report on Operations 2. Corporate governance 3. Separate financial statements 4. Reports
Millions of euro Loan assets Borrowings Guarantees Costs Revenue Dividends
at Dec. 31, 2024 2024
Subsidiaries, joint ventures and associates
Enel X Way Italia Srl 96 - 41 - 5 -
Enelpower Srl - 35 - 1 - 3
EnerNOC Ireland Limited - - 1 - - -
Generadora Montecristo SA - - 1 - - -
Nuove Energie Srl 43 - 86 - 3 -
Potentia Energy Group (Pty) Ltd - - 96 1 2 -
Servizio Elettrico Nazionale SpA - - 1,150 - 4 -
Tynemouth Energy Storage Limited - - - - - -
Total 2,206 20,835 89,359 842 615 6,562
Other related parties
Monte dei Paschi di Siena 1 - - - - -
Total 1 - - - - -
TOTAL 2,207 20,835 89,359 842 615 6,562
Millions of euro Loan assets Borrowings Guarantees Costs Revenue Dividends
at Dec. 31, 2023 2023
Subsidiaries, joint ventures and associates
Concert Srl - 4 - - - -
e-distribuzione SpA - - 2,297 - 11 -
Eletropaulo Metropolitana Eletricidade de São Paulo SA - - 190 - 1 -
Enel Américas SA - - - - - 88
Enel Brasil SA 145 - 1,249 - 21 -
Enel Chile SA - - 470 - 1 285
Enel Colombia SA ESP - - 31 - - -
Enel Costa Rica CAM SA - - 8 - - -
Enel Energia SpA - - 456 - 1 -
Enel Energie SA - - - - 1 -
Enel Finance America LLC - - 3,494 - 3 -
Enel Finance International NV - 19,777 52,691 434 66 -
Enel Generación Perú SAA 2 2 325 3 2 -
Enel Global Services Srl 114 2 14 2 10 -
Enel Global Trading SpA 63 2,703 2,231 239 276 -
Enel Green Power Australia (Pty) Ltd 1 - 118 3 3 -
Enel Green Power Chile SA - - 78 - 1 -
Enel Green Power Hellas SA - - 40 - 6 -
Enel Green Power India Private Limited - - - - - -
Enel Green Power Italia Srl - - 317 - 1 -
Enel Green Power México S de RL de Cv 8 - 716 - 11 -
Enel Green Power Perú SAC - - - 1 3 -
Enel Green Power South Africa (Pty) Ltd 51 - 292 - 6 -
Enel Green Power SpA - 157 987 8 45 -
Enel Grids Srl 173 - 23 - 7 267
Enel Holding Finance Srl - 1 - - - -
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150
REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
Millions of euro Loan assets Borrowings Guarantees Costs Revenue Dividends
at Dec. 31, 2023 2023
Subsidiaries, joint ventures and associates
Enel Iberia SRLU - - - - - 1,415
Enel Innovation Hubs Srl - 3 1 - - -
Enel Insurance NV - 350 282 6 - -
Enel Investment Holding BV - 1 - - - -
Enel Italia SpA 4,198 66 7, 13 5 93 235 2, 214
Enel North America Inc. 38 - 17, 14 5 - 35 -
Enel Panamá CAM Srl - - 9 - - -
Enel Produzione SpA - - 1,087 - 7 -
Enel Sole Srl - - 187 - 1 -
Enel X Advisory Services Srl 84 - - - 3 -
Enel X Australia (Pty) Ltd - - 5 - - -
Enel X International Srl 31 - - - 1 -
Enel X Italia Srl - - 14 - - -
Enel X North America Inc. 2 - 109 - 1 -
Enel X Polska Sp. zo o - - 16 - - -
Enel X Srl 839 - 4 - 34 -
Enel X UK Limited - - 20 - - -
Enel X Way Srl 192 - 122 - 7 -
Enel X Way Italia Srl 47 - 49 - 1 -
Enelpower Srl - 36 - 1 - -
EnerNOC Ireland Limited - - 1 - - -
Generadora Montecristo SA - - 4 - - -
Gridspertise Srl - - - 1 - -
Nuove Energie Srl 36 - 85 - 3 -
Servizio Elettrico Nazionale SpA - - 1,166 - 4 -
Total 6,024 23,102 93,468 791 808 4,269
The impact of transactions with related parties on the statement of financial position, income statement and
statement of cash flows is reported in the following tables.
Graphics
Notes to the separate financial statements
151
REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
1. Report on Operations 2. Corporate governance 3. Separate financial statements 4. Reports
Impact on the statement of financial position
Millions of euro Total Related parties % of total Total Related parties % of total
at Dec. 31, 2024 at Dec. 31, 2023
Assets
Derivatives - non-current 179 39 21.8% 261 18 6.7%
Other non-current assets 68 56 82.4% 73 64 87.8%
Trade receivables 197 196 - 167 167 -
Derivatives - current 107 3 2.8% 76 56 73.5%
Other current financial assets 2,678 2,165 80.8% 6,483 5,952 91.8%
Other current assets 1,181 1,145 97. 0 % 1,581 1,552 98.2%
Liabilities
Long-term borrowings 17,3 4 5 14,142 81.5% 17,855 14, 274 79.9%
Derivatives - non-current 581 91 15.7% 620 104 16.8%
Other non-current liabilities 17 9 52.9% 20 9 45.0%
Short-term borrowings 6,410 6,306 98.4% 8,632 8,461 98.0%
Current portion of long-term
borrowings
567 132 23.3% 1,179 132 11.2%
Trade payables 132 81 61.4% 135 87 64.4%
Derivatives - current 102 66 64.7% 106 20 18.9%
Other current financial liabilities 178 98 55.1% 226 111 49.1%
Other current liabilities 3,508 551 15.7% 4,395 825 18.8%
Impact on the income statement
Millions of euro Total Related parties % of total Total Related parties % of total
2024 2023
Revenue 121 119 98.3% 163 119 73.0%
Services and rentals and leases 177 124 70.1% 202 126 62.4%
Income from equity investments 6,563 6,562 - 4,269 4,269 -
Financial income from derivatives 550 151 27.5% 907 421 46.4%
Other financial income 548 464 84.7% 481 387 80.5%
Financial expense from derivatives 454 247 54.4% 869 342 39.4%
Other financial expense 952 595 62.5% 952 449 47. 2 %
Impact on cash flows
Millions of euro Total Related parties % of total Total Related parties % of total
2024 2023
Cash flows from/(used in)
operating activities
5,690 295 5.2% 4,277 (1,147) -26.8%
Cash flows used in investing activities (1,085) (1,051) 96.9% (1,007) (960) 95.3%
Cash flows from/(used in)
financing activities
(3,606) 2,986 -82.8% (7,016) (4,139) 59.0%
Graphics
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REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
37. Government grants – Disclosure pursuant to Article 1, paragraphs 125-129,
of Law 124/2017
Pursuant to Article 1, paragraphs 125-129, of Law
124/2017 as amended, the following provides infor-
mation on grants received from Italian public agen-
cies and bodies, as well as donations by Enel SpA to
companies, individuals and public and private en-
tities. The disclosure comprises: (i) grants received
from Italian public entities/State entities; and (ii) do-
nations made by Enel SpA to public or private parties
resident or established in Italy.
The following disclosure includes payments in ex-
cess of €10,000 made by the same grantor/donor
during 2023, even if made through multiple finan-
cial transactions. They are recognized on a cash
basis.
Pursuant to the provisions of Article 3-quater of De-
cree Law 135 of December 14, 2018, ratified with Law
12 of February 11, 2019, for grants received, please
refer to the information contained in the National
Register of State Aid referred to in Article 52 of Law
234 of December 24, 2012.
As far as donations made are concerned, the materi-
al cases are listed below.
Euro
Beneficiary Amount Description of donation
MAXXI 600,000 Grant to promote art, research and innovation in the artistic field
Total 600,000
38. Contractual commitments and guarantees
Millions of euro
at Dec. 31, 2024 at Dec. 31, 2023 Change
Sureties and guarantees given:
- subsidiaries 89,363 91,540 (2,177)
- joint ventures, associates and other - 158 (158)
- own interest 13 12 1
- third parties 85 106 (21)
Total 89,461 91,816 (2,355)
Sureties in the interest of the Company essentially
regard a bank surety issued in favor of Banco Cen-
troamericano de Integración Económica (BCIE) in an
amount equivalent to €13 million acquired following
the merger of Enel South America Srl into Enel SpA
in 2017. As this is about to expire, in order to ensure
continuity of coverage, the Company has entered into
a commitment in December to issue a letter of credit
in favor of the same counterparty with a guarantee ef-
fective date of January 1, 2025.
Sureties and guarantees issued on behalf of subsidi-
aries include:
€50,492 million issued on behalf of Enel Finance In-
ternational NV securing bonds issued in European
and other international markets;
€18,585 million issued on behalf of various renewa-
ble energy companies for the development of new
projects under the Business Plan;
€4,850 million issued to the European Investment
Bank (EIB) for loans granted to e-distribuzione SpA,
Enel Produzione SpA, Enel Italia SpA, Enel Green
Power SpA, Enel Chile SA, Enel Green Power Italia
Srl, Eletropaulo Metropolitana Eletricidade de São
Paulo SA, Enel Sole Srl, Enel X Way Srl and Enel X
Way Italia Srl;
€2,722 million issued on behalf of the US company
Enel Finance America LLC, to back the euro com-
mercial paper and bond issue programs on the
North American market and the credit line granted
by EKF (Denmark’s Export Credit Agency) to support
the Group’s sustainable investments;
€1,806 million issued on behalf of Enel Finance In-
ternational NV to back the euro commercial paper
program;
€1,150 million issued by Enel SpA to the Single
Buyer on behalf of Servizio Elettrico Nazionale for
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Notes to the separate financial statements
153
REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
1. Report on Operations 2. Corporate governance 3. Separate financial statements 4. Reports
obligations under the electricity purchase con-
tract;
€985 million as counter-guarantees in favor of the
banks that guaranteed the Energy Markets Opera-
tor on behalf of Enel Global Trading SpA and Enel
Produzione SpA;
€885 million issued to Terna on behalf of e-distribu-
zione SpA, Enel Global Trading SpA, Enel Produzione
SpA, Enel X Italia Srl, Enel Green Power Italia Srl, Enel
Energia SpA and Enel Green Power SpA, in respect of
agreements for electricity transmission services;
€780 million issued to INPS on behalf of various
Group companies whose employees elected to par-
ticipate in the structural staff reduction plan (Article
4 of Law 92/2012);
€375 million in favor of Cassa Depositi e Prestiti
issued on behalf of e-distribuzione SpA, which re-
ceived the Enel Grid Efficiency II loan;
€489 million issued to Snam Rete Gas on behalf of
Enel Global Trading SpA, Enel X Italia Srl, Enel Pro-
duzione SpA and Nuove Energie Srl for gas transport
capacity;
€50 million issued to RWE Supply & Trading GmbH
on behalf of Enel Global Trading SpA for electricity
purchases;
€50 million issued to E.ON Energy Trading on behalf
of Enel Global Trading SpA for trading on the elec-
tricity market;
€46 million issued on behalf of Enel Italia SpA to Ex-
celsia Nove for the performance of obligations un-
der rental contracts;
€6,098 million issued to various beneficiaries as part
of financial support activities by the Parent on behalf
of subsidiaries.
Compared with December 31, 2023, the decrease
in other sureties and guarantees issued on behalf of
subsidiaries is mainly attributable to the disposals of
interests held in renewable companies. The decrease
also reflects the repayment of bonds with the aim of
strengthening the Group’s capital structure, in line with
the financial strategy of the 2025-2027 Strategic Plan.
Sureties and guarantees issued on behalf of joint ven-
tures, associates and other companies decreased by
€158 million; at December 31, 2023 the item included
guarantees issued on behalf of Enel Green Power Aus-
tralia (€118 million) and Enel Green Power Hellas (€40
million) prior to the sale of 50% of the investments
during the year.
Sureties and guarantees issued on behalf of third par-
ties, in the amount of €85 million, regard guarantees
issued to various beneficiaries and are connected with
the sale to the Greek company Public Power Corpo-
ration SA of equity interests held by the Enel Group in
Romania, completed in October 2023.
In its capacity as the Parent, Enel SpA has also granted
letters of patronage to a number of Group companies,
essentially for assignments of receivables.
39. Contingent assets and liabilities
BEG litigation - Italy, France,
Luxembourg
Following an arbitration proceeding initiated by BEG
SpA (BEG) in Italy, Enelpower SpA (Enelpower) ob-
tained a ruling in its favor in 2002, which was upheld
by the Court of Cassation in 2010, which entirely re-
jected the petition for damages with regard to alleged
breach by Enelpower of an agreement concerning
the assessment of the possible construction of a hy-
droelectric power station in Albania. Subsequently,
BEG, acting through its subsidiary Albania BEG Am-
bient, filed suit against Enelpower and Enel SpA (Enel)
in Albania concerning the matter, obtaining a ruling
from the District Court of Tirana on March 24, 2009,
upheld by the Albanian Court of Cassation, ordering
Enelpower and Enel to pay tortious damages of about
€25 million for 2004 as well as an unspecified amount
of tortious damages for subsequent years. Following
the ruling, Albania BEG Ambient demanded payment
of more than €430 million.
In November 2016, Enel and Enelpower filed a petition
with the Albanian Court of Cassation, asking for the
ruling issued by the District Court of Tirana on March
24, 2009 to be voided. At the hearing of November 6,
2024 the Court rejected the petition.
With a ruling of the Court of Appeal of Rome of March
7, 2022, the further proceedings undertaken by Enel
and Enelpower before the Court of Rome were con-
cluded, having sought recognition of BEG’s liability for
having circumvented the arbitration award rendered
in Italy in favor of Enelpower through the aforemen-
tioned initiatives undertaken by the subsidiary ABA.
With the ruling, the Court of Appeal of Rome upheld
the ruling of first instance rendered by the Court of
Rome on June 16, 2015, which had denied the petition
in the proceeding.
On May 20, 2021, the European Court of Human Rights
(ECHR) issued a ruling with which it decided the appeal
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brought by BEG against the Italian State for violation
of Article 6.1 of the European Convention on Human
Rights. With this decision, the Court denied BEGs re-
quest to reopen the above arbitration proceedings,
and also rejected BEG’s claim for pecuniary damages
amounting to about €1.2 billion due to the absence
of a causal link with the disputed conduct, granting it
€15,000 in non-pecuniary damages.
Nonetheless, on December 29, 2021, BEG, with an ac-
tion that the company and its legal counsel deemed
unfounded and specious, also decided to sue the Italian
State before the Court of Milan, to demand, as a conse-
quence of the ECHR ruling, damages for tortious liability
in an amount of about €1.8 billion. In this case, BEG also
involved Enel and Enelpower by way of a claim of joint
and several liability. With an order of June 14, 2022, the
Court of Milan, in accepting the objection of territorial
incompetence raised by the State Attorney, declared its
incompetence to hear the dispute in favor of the Court
of Rome, the court exclusively competent to hear the
causes in which the Italian State is involved, ordering
BEG to pay the costs of the proceedings in favor of the
defendants. BEG did not resume the judgment before
the Court of Rome within the legal term of 14 October
2022 and therefore the proceeding was extinguished.
A short time later, on November 3, 2022, BEG resub-
mitted the same claims for damages of the terminat-
ed proceeding, serving a new writ of summons before
the Court of Milan against the same defendants, with
the exception of the Italian State, which BEG declared
not to wishing to agree to this judgement. Enel and
Enelpower are preparing their defenses to proceed
with the appearance in court in order to contest the
claim, which is considered entirely specious and un-
founded, like the previous similar initiative. Following
the hearing for admission of evidence, the Court is-
sued an order on October 26, 2023 denying the pre-
liminary requests of the plaintiff and, considering the
case ready for decision, scheduled final arguments for
October 17, 2024, when the parties exchanged their fi-
nal arguments. We are awaiting a decision.
Proceedings undertaken by Albania BEG
Ambient Shpk (ABA) to obtain enforcement
of the ruling of the District Court of Tirana
of March 24, 2009
Italy
With an appeal notified on September 11, 2023, Al-
bania BEG Ambient Shpk (ABA) initiated a proceed-
ing before the Court of Appeal of Rome against Enel
SpA and Enelpower Srl, in order to obtain, pursuant to
Article 67 of Law 218/1995, enforcement of the rul-
ing of the Court of Tirana of March 24, 2009. The two
companies are preparing their defense to contest the
claim for execution in Italy as well. Following the initial
hearing, the Court of Appeal adjourned the proceed-
ing until September 18, 2025 for oral arguments.
France
In 2012, ABA filed suit against Enel and Enelpower with
the Tribunal de Grande Instance in Paris in order to ren-
der the ruling of the Albanian court enforceable in France.
On January 29, 2018, the Tribunal de Grande Instance
rejected ABAs claim. Among other issues, the Tribunal
de Grande Instance ruled that: (i) the Albanian ruling
conflicted with an existing decision (the arbitration
ruling of 2002) and that (ii) the fact that BEG sought to
obtain in Albania what it was not able to obtain in the
Italian arbitration proceeding, resubmitting the same
claim through ABA, represented fraud.
Subsequently, with a ruling of May 4, 2021, the Paris
Court of Appeal denied the appeal by ABA, in full, up-
holding the ruling at first instance and, in particular, fully
upholding the non-compatibility of the Albanian ruling
with the arbitration award of 2002, ordering it to reim-
burse Enel and Enelpower €200,000 each for legal costs.
With a ruling of May 17, 2023 the French Cour de Cas-
sation rejected ABAs appeal, thereby definitively de-
nying the ABAs petition for execution.
Following the favorable ruling of the Court of Appeal,
Enel initiated a separate proceeding to obtain release
of the precautionary attachments granted to ABA of
any receivables of Enel in respect of Enel France. With
an order of June 16, 2022, the Court of Paris ordered
the release of the precautionary attachments while also
ordering ABA to pay Enel a total of about €146,000 in
damages and legal costs. ABA challenged the afore-
mentioned release order and the appeal was granted
by the Paris Court of Appeal with a decision of May 17,
2023. On June 16, 2023 Enel filed a petition and on De-
cember 15, 2023 formally appealed that ruling before
the French Cour de Cassation. On April 18, 2024, ABA
appeared in court, communicating the release of the
precautionary attachments and requesting the Cour
de Cassation to terminate the proceedings due to the
cessation of the subject matter of the dispute. Enel op-
posed the request for termination of the proceedings;
the Court’s decision on the matter is pending.
The Netherlands
In 2014, ABA filed suit with the Court of Amsterdam to
render the ruling of the Albanian court enforceable in
the Netherlands.
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Following an initial ruling of June 29, 2016, in favor of
ABA, in a ruling of July 17, 2018, the Amsterdam Court
of Appeal upheld the appeal advanced by Enel and
Enelpower, ruling that the Albanian judgment cannot
be recognized and enforced in the Netherlands, as it
was arbitrary and manifestly unreasonable and there-
fore contrary to Dutch public order. Subsequently, the
proceeding before the Court of Appeal continued with
regard to the subordinate question raised by ABA with
which it asked the Dutch court to rule on the merits
of the dispute in Albania and in particular the alleged
tortious liability of Enel and Enelpower in the failure
to build the power plant in Albania. On December 3,
2019, the Amsterdam Court of Appeal issued a defini-
tive ruling in which it rejected any claim made by ABA,
thereby confirming the denial of recognition and en-
forcement of the Albanian ruling in the Netherlands.
Moreover, having re-analyzed the merits of the case
under Albanian law, the Court found no tortious liability
on the part of Enel and Enelpower and ordered ABA
to reimburse the companies for the losses incurred in
illegitimate conservative seizures, to be quantified as
part of a specific procedure, and the costs of the trial
and appeal proceedings.
On July 16, 2021 the Supreme Court completely reject-
ed ABAs appeals, ordering it to reimburse court costs.
Luxembourg
In Luxembourg, again at the initiative of ABA, J.P. Mor-
gan Bank Luxembourg SA was also served with an
order for a number of precautionary seizures of any
receivables of both Enel Group companies in respect
of the bank. In parallel ABA filed a claim to obtain en-
forcement of the ruling of the Court of Tirana in Lux-
embourg.
Owing to a number of procedural delays, the proceed-
ing is still in the initial stages and no ruling has been
issued. In particular, after several legal representatives
appointed by ABA withdrew from the cause, on Sep-
tember 2023 the court suspended the proceeding.
United States and Ireland
In 2014, ABA had initiated two proceedings requesting
execution of the Albanian sentence before the courts
of the State of New York and Ireland, which both ruled
in favor of Enel and Enelpower, respectively, on Febru-
ary 23 and February 26, 2018. Accordingly, there are
no lawsuits pending in Ireland or New York State.
Kino arbitration – Mexico
On September 16, 2020, Kino Contractor SA de Cv
(Kino Contractor), Kino Facilities Manager SA de Cv
(Kino Facilities) and Enel SpA (Enel) were notified of a
request for arbitration filed by Parque Solar Don José
SA de Cv, Villanueva Solar SA de Cv and Parque Solar
Villanueva Tres SA de Cv (together, “Project Compa-
nies”) in which the Project Companies alleged the vio-
lation (i) by Kino Contractor of certain provisions of the
EPC Contract and (ii) by Kino Facilities of certain provi-
sions of the Asset Management Agreement, both con-
tracts concerning solar projects owned by the three
companies filing for arbitration. Enel – which is the
guarantor of the obligations assumed by Kino Con-
tractor and Kino Facilities under the above contracts
– has also been called into the arbitration proceeding,
but no specific claims have been filed against it for the
moment. The Project Companies, in which Enel Green
Power SpA is a non-controlling shareholder, are con-
trolled by CDPQ Infraestructura Participación SA de Cv
(which is controlled by Caisse de Dépôt et Placement
du Québec) and CKD Infraestructura México SA de Cv.
On August 4, 2023, the arbitration ruling was noti-
fied. The arbitration board declared that it did not
have jurisdiction against Enel SpA and, in partially
granting the claim of the Project Companies, ordered
Kino Contractor and Kino Facilities (now Enel Servic-
es Mexico SA de Cv - Enel Services) to pay penalties
totaling about $77 million, plus interest at an annual
rate of 6%. Subsequently, Kino Contractor and Enel
Services filed a petition requesting correction of the
arbitration award, which was partially granted and, on
December 13, 2023, they filed a petition to void the
award before the Mexican courts. Subsequently, the
Project Companies have requested the recognition
and enforcement of the arbitration award. The pro-
ceeding is pending.
In December 2023, the Project Companies filed a suit
before the Supreme Court of the State of New York
against Enel, in its capacity as guarantor of the obli-
gations assumed by Kino Contractor, to request pay-
ment due by the latter under the provisions of the
arbitration award. This proceeding concluded with a
favorable decision on December 3, 2024, which fully
recognized Enel’s defenses. On December 17, 2024,
the Project Companies filed an appeal and Enel, on
December 24, 2024, filed a conditional cross appeal.
The proceeding is pending.
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40. Future accounting standards
The following provides a list of accounting standards,
amendments and interpretations that will take effect
for the Company after December 31, 2024.
IFRS 18 – Presentation and Disclosure in Financial
Statements, issued in April 2024. The new standard,
regarding the presentation and disclosure in the fi-
nancial statements, will replace “IAS 1 – Presentation
of Financial Statements”, introducing new require-
ments in order to provide users with more relevant
and transparent information, focusing on updates
relating to the income statement. In detail, the key
concepts introduced by IFRS 18 are related to:
the structure of the income statement, requiring
new and specific subtotals;
the requirement to determine the most functional
grouping for the presentation of expenses in the
income statement;
the presentation in a single note within the fi-
nancial statements of disclosure on the man-
agement-defined performance measures, corre-
sponding to subtotals of revenue and costs used
in public communications reported outside the
financial statements; and
improved principles of aggregation and disaggre-
gation of information.
The standard is effective, subject to endorsement,
retrospectively for annual periods beginning on or
after January 1, 2027. Earlier application is permit-
ted.
“IFRS 19 – Subsidiaries without Public Accountabili-
ty: Disclosures”, issued in May 2024. The new volun-
tary standard allows eligible subsidiaries to apply re-
duced disclosures. Subsidiaries are eligible to apply
the standard if:
they do not have public accountability; and
its ultimate or intermediate parent prepares con-
solidated financial statements available for public
use that comply with IFRS Accounting Standards.
The standard applies, subject to endorsement, for
annual periods beginning on or after January 1, 2027.
Earlier application is permitted.
Amendments to IFRS 10 and IAS 28 – Sale or Con-
tribution of Assets between an Investor and its As-
sociate or Joint Venture”, issued in September 2014.
The amendments clarify the accounting treatment
for sales or contribution of assets between an inves-
tor and its associates or joint ventures. They confirm
that the accounting treatment depends on wheth-
er the assets sold or contributed to an associate or
joint venture constitute a “business” (as defined in
IFRS 3). The IASB has deferred the effective date of
these amendments indefinitely.
Amendments to IAS 21 – The Effects of Changes
in Foreign Exchange Rates: Lack of Exchangeability”,
issued in August 2023. The amendments require the
application of a consistent approach in determin-
ing whether a currency is exchangeable for another
and, when it is not, in determining the exchange rate
to be used and the disclosure to be provided. The
amendments will take effect for annual periods be-
ginning on or after January 1, 2025.
Amendments to IFRS 9 and IFRS 7 – Amendments
to the Classification and Measurement of Financial
Instruments”, issued in May 2024. The amendments
include new requirements intended to:
clarify the date of recognition and derecogni-
tion of some financial assets and liabilities, with a
new exception for some financial liabilities settled
through an electronic cash transfer system;
clarify and add further guidance for assessing
whether a financial asset meets the solely pay-
ments of principal and interest (SPPI) criterion;
add new disclosures for certain instruments with
contractual terms that can change cash flows
(such as some instruments with features linked to
the achievement of environment, social and gov-
ernance (ESG) targets); and
update the disclosures for equity instruments
designated at fair value through other compre-
hensive income (FVOCI).
The amendments will apply, subject to endorse-
ment, for annual periods beginning on or after Jan-
uary 1, 2026.
Annual Improvements Volume 11”, issued in July
2024. The document contains formal amendments
and clarification for existing standards. In detail, the
following standards have been modified:
“IAS 7 - Cost method”; the amendment eliminates
the term “cost method”, no longer defined in IFRS
accounting principles;
“IFRS 9 - Lessee derecognition of lease liabili-
ties”; the amendment addresses a potential lack
of clarity regarding how a lessee accounts for the
derecognition of a lease liability by clarifying that
any resulting gain or loss should be recognized in
profit or loss;
“IFRS 9 - Transaction price”; the amendment re-
moves the reference in Appendix A of IFRS 9 to the
definition of “transaction price” in IFRS 15, since
the term is used in a number of paragraphs of IFRS
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1. Report on Operations 2. Corporate governance 3. Separate financial statements 4. Reports
9 with a meaning that is not necessarily consistent
with the definition of that term in IFRS 15;
“IFRS 7 - Gain or loss on derecognition; the
amendment clarifies potential confusion arising
from an obsolete reference to a paragraph that
was removed from the standard when “IFRS 13 -
Fair Value Measurement” was issued;
“IFRS 7 - Disclosure of deferred difference be-
tween fair value and transaction price”; the
amendment clarifies an inconsistency between
the standard and the related implementation
guidelines, which emerged when an amendment,
consequent to the issuance of IFRS 13, was made
to the standard, but not to the corresponding
paragraph of the implementation guidelines;
“IFRS 7 - Introduction and credit risk disclosures”;
the amendment addresses potential confusion
by clarifying how to apply the relevant application
guidance and simplifying some explanations;
“IFRS 10 - Determination of a ‘de facto agent’”; the
amendment clarifies how an investor must deter-
mine whether another person is acting on their
behalf;
“IFRS 1 – Hedge accounting by a first-time adop-
ter”; the amendment improves consistency be-
tween hedge accounting requirements in IFRS 9
and IFRS 1.
Each amendment applies, subject to endorsement,
for annual periods beginning on or after January 1,
2026. Earlier application is permitted.
Amendments to IFRS 9 and IFRS 7 - Contracts
Referencing Nature-dependent Electricity”, is-
sued in December 2024. The amendments aim
to better represent the financial effects arising
from certain contracts for the purchase or sale
of electricity from renewable sources (e.g. wind
and solar). Such contracts involve exposure to the
volatility of the underlying quantity of electricity
because the source of its generation depends on
uncontrollable natural conditions (e.g. weather
conditions). Examples provided include both con-
tracts for the purchase or sale of electricity from
renewable sources, often structured as long-term
agreements (i.e. physical Power Purchase Agree-
ments, PPAs), and financial instruments that refer
to this type of electricity (i.e. Virtual Power Pur-
chase Agreements, VPPAs).
The amendments are as follows:
the application of the “own use exception” to
physical PPAs is permitted if the company has
been, and plans to be, a net purchaser of elec-
tricity in the contract period (i.e. purchases of re-
newable electricity sufficiently offset any sales of
unused electricity within the same market);
the application of hedge accounting is per-
mitted to Virtual PPAs (i.e. contracts that do
not provide for the physical delivery of energy
and whose settlement is based on the differ-
ence between the market price of energy and
the strike price provided for in the contract)
or to PPAs for which it is not possible to apply
the own use exemption. In particular, such con-
tracts can be used as hedging instruments for a
variable nominal amount of forecast electricity
transactions, aligned with the variable amount
that is expected to be provided by the genera-
tion plant to which the hedging instrument re-
fers. If the cash flows of the hedging instrument
are conditional on the occurrence of a desig-
nated forecasted transaction, it is assumed that
the transaction is highly probable;
additional disclosure requirements have been in-
troduced to clarify the effects of such contracts
on cash flows and financial performance. In addi-
tion, specific disclosures are required in the event
of adoption of the own-use exception.
The amendments apply for annual periods begin-
ning on or after January 1, 2026. Earlier application
is permitted.
The Company is assessing the potential impact of the
future application of the new provisions.
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41. Events after the reporting period
Enel places new €2 billion perpetual hybrid
bonds, with an average coupon of 4.375%
and an average cost lower than current
market levels
On January 7, 2025, Enel SpA has successfully launched
on the European market new non-convertible, subor-
dinated perpetual hybrid bonds for institutional inves-
tors, denominated in euros, for an aggregate amount
of €2 billion.
The new issue is structured in the following two se-
ries: a €1,000 million bond with an annual fixed cou-
pon of 4.250% to be paid until (but excluding) the first
reset date of April 14, 2030; a €1,000 million bond with
an annual fixed coupon of 4.500% which will be paid
until (but excluding) the first reset date of January 14,
2033. The issue totaled orders in the amount of about
€6.8 billion; the response from investors allowed the
achievement of an average coupon of 4.375%.
Enel launches a triple-tranche €2 billion
sustainability-linked bond in the Eurobond
market
On February 17, 2025, Enel Finance International NV
launched a sustainability-linked bond for institutional
investors in the Eurobond market of a total €2 billion.
The issue is guaranteed by Enel and envisages the use
of two sustainability Key Performance Indicators for
each tranche, illustrated in the Sustainability-Linked
Financing Framework, last updated in December 2024.
The issue, which has an average duration of approx-
imately six years, has an average coupon lower than
3% and is structured in the following three tranches: (i)
€750 million at a fixed rate of 2.625%, with settlement
date set on February 24, 2025, maturing on February
24, 2028; (ii) €750 million at a fixed rate of 3.000%, with
settlement date set on February 24, 2025, maturing
on February 24, 2031; (iii) €500 million at a fixed rate
of 3.500%, with settlement date set on February 24,
2025, maturing on February 24, 2036.
Enel signs a €12 billion committed
revolving credit line
On February 19, 2025, Enel SpA and its subsidiary
Enel Finance International NV (EFI) signed a commit-
ted, revolving, sustainability-linked credit facility for an
amount of €12 billion and a maturity of five years. The
facility foresees the use of a sustainability Key Perfor-
mance Indicator illustrated in the Sustainability-Linked
Financing Framework linked to the “Percentage of
capex aligned with the EU Taxonomy” in addition to
the achievement of a Sustainability Performance Tar-
get equal to or greater than 80% as of December 31,
2026 for the 2024-2026 period. This facility replaces
the previous credit line that had been signed in March
2021, and subsequently amended, with an overall val-
ue of €13.5 billion.
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1. Report on Operations 2. Corporate governance 3. Separate financial statements 4. Reports
42. Fees of the Audit Firm pursuant to Article 149-duodecies
of the CONSOB Issuers Regulation
Fees pertaining to 2024 paid by Enel SpA and its sub-
sidiaries at December 31, 2024 to the Audit Firm and
entities belonging to its network for services are sum-
marized in the following table, pursuant to the provi-
sions of Article 149-duodecies of the CONSOB Issuers
Regulation.
Type of service Entity providing the service Fees (millions of euro)
Enel SpA
Auditing of which:
- KPMG SpA 0.5
- entities of the KPMG network -
Certification services of which:
- KPMG SpA 1.9
- entities of the KPMG network -
Other services of which:
- KPMG SpA -
- entities of the KPMG network -
Total 2.4
Subsidiaries of Enel SpA
Auditing of which:
- KPMG SpA 5.0
- entities of the KPMG network 6.2
Certification services of which:
- KPMG SpA 1.2
- entities of the KPMG network 2.0
Other services of which:
- KPMG SpA -
- entities of the KPMG network -
Total 14.4
TOTAL 16.8
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REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
Declaration of the Chief Executive Officer and the officer in
charge of financial reporting of Enel SpA at December 31, 2024,
pursuant to the provisions of Article 154-bis, paragraph 5,
of Legislative Decree 58 of February 24, 1998 and Article 81-ter
of CONSOB Regulation no. 11971 of May 14, 1999
1. The undersigned Flavio Cattaneo and Stefano De
Angelis, in their respective capacities as Chief Exec-
utive Officer and officer in charge of financial report-
ing of Enel SpA, hereby certify, taking account of the
provisions of Article 154-bis, paragraphs 3 and 4, of
Legislative Decree 58 of February 24, 1998:
a. the appropriateness with respect to the charac-
teristics of the Company and
b. the effective adoption of the administrative and
accounting procedures for the preparation of
the separate financial statements of Enel SpA in
the period between January 1, 2024 and Decem-
ber 31, 2024.
2. In this regard, we report that:
a. the appropriateness of the administrative and
accounting procedures used in the preparation
of the separate financial statements of Enel SpA
has been verified in an assessment of the inter-
nal control system for financial reporting. The
assessment was carried out on the basis of the
guidelines set out in the “Internal Controls - In-
tegrated Framework” issued by the Committee
of Sponsoring Organizations of the Treadway
Commission (COSO);
b. the assessment of the internal control system
for financial reporting did not identify any mate-
rial issues.
3. In addition, we certify that the separate financial
statements of Enel SpA at December 31, 2024:
a. have been prepared in compliance with the In-
ternational Financial Reporting Standards rec-
ognized in the European Union pursuant to
Regulation (EC) no. 1606/2002 of the European
Parliament and of the Council of July 19, 2002;
b. correspond to the information in the books and
other accounting records;
c. provide a true and fair representation of the fi-
nancial position, financial performance and cash
flows of the issuer.
4. Finally, we certify that the Report on Operations ac-
companying the separate financial statements of
Enel SpA at December 31, 2024, contains a reliable
analysis of operations and performance, as well as
the situation of the issuer, together with a descrip-
tion of the main risks and uncertainties to which it is
exposed.
Rome, March 13, 2025
Flavio Cattaneo Stefano De Angelis
Chief Executive Officer of Enel SpA Officer in charge
of financial reporting of Enel SpA
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1. Report on Operations 2. Corporate governance 3. Separate financial statements 4. Reports
CHAPTER 4
REPORTS
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Report of the Board of Statutory Auditors to the Shareholders’ Meeting of Enel SpA
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REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
Report of the Board
of Statutory Auditors
to the Shareholders
Meeting of Enel SpA
(pursuant to Article 153 of Legislative Decree 58/1998)
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1
REPORT OF THE BOARD OF STATUTORY AUDITORS TO THE SHAREHOLDERS’
MEETING OF ENEL SpA CALLED TO APPROVE THE FINANCIAL STATEMENTS FOR
2024
(pursuant to Article 153 of Legislative Decree 58/1998)
Shareholders,
The current Board of Statutory Auditors of Enel SpA (hereinafter “Enel” or the
“Company”) was appointed by the Shareholders’ Meeting of May 19, 2022.
During the year ended December 31, 2024 we performed the oversight activities
envisaged by law. In particular, pursuant to the provisions of Article 149, paragraph
1, of Legislative Decree 58 of February 24, 1998 (hereinafter the “Consolidated Law
on Financial Intermediation”) and Article 19, paragraph 1 of Legislative Decree 39 of
January 27, 2010 (hereinafter “Decree 39/2010”), we monitored:
- compliance with the law and the corporate bylaws as well as compliance with the
principles of sound administration in the performance of the Company’s business;
- the Company’s financial and non-financial reporting processes and the adequacy of
the administrative and accounting system, as well as the reliability of the latter in
representing operational events;
- the statutory audit of the annual and consolidated accounts, the certification of
compliance of the consolidated Sustainability Statement, and the independence of
the audit firm, also in its capacity as sustainability auditor;
- the adequacy and effectiveness of the internal control and risk management system
regarding both financial and non-financial reporting;
- the adequacy of the organizational structure of the Company, within the scope of
our responsibilities;
- the implementation of the corporate governance rules as provided for by 2020
version of the Italian Corporate Governance Code (hereinafter, the “Corporate
Governance Code”), which the Company has adopted;
- the appropriateness of the instructions given by the Company to its subsidiaries to
enable Enel to meet statutory public disclosure requirements.
In performing our checks and assessments of the above issues, we did not find any
issues that would merit reporting here.
In compliance with the instructions issued by CONSOB with Communication no.
DEM/1025564 of April 6, 2001, as amended, we report the following:
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we monitored compliance with the law and the bylaws and we have no issues to
report;
on a quarterly basis, we received adequate information from the Chief Executive
Officer, as well as through our participation in the meetings of the Board of
Directors of Enel, on activities performed, general developments in operations and
the outlook, and on transactions with the most significant impact on performance
or the financial position carried out by the Company and its subsidiaries. The
actions approved and implemented appeared to be in compliance with the law and
the bylaws and were not manifestly imprudent, risky, in potential conflict of interest
or in contrast with the resolutions of the Shareholders’ Meeting or otherwise
prejudicial to the integrity of the Company’s assets. For a discussion of the features
of the most significant transactions, please see the Report on Operations
accompanying the separate financial statements of the Company and the
consolidated financial statements of the Enel Group for 2024 (in the section
“Significant events in 2024”);
we did not find any atypical or unusual transactions conducted with third parties,
Group companies or other related parties;
in the section “Related parties” of the notes to the separate financial statements
for 2024 of the Company, the directors describe the main transactions with related-
parties the latter being identified on the basis of international accounting
standards and the instructions of CONSOB carried out by the Company, to which
readers may refer for details on the transactions and their financial impact. They
also detail the procedures adopted to ensure that related-party transactions are
carried out in accordance with the principles of transparency and procedural and
substantive fairness. On the basis of our oversight activities, we found that the
transactions were carried out in compliance with the approval and execution
processes set out in the related procedure adopted in compliance with the
provisions of Article 2391-bis of the Italian Civil Code and the implementing
regulations issued by CONSOB described in the report on corporate governance
and ownership structure for 2024. All transactions with related parties reported in
the notes to the separate financial statements for 2024 of the Company were
executed as part of ordinary operations in the interest of the Company and settled
on market terms and conditions;
the Company declares that it has prepared its separate financial statements for
2024 on the basis of international accounting standards (IAS/IFRS) and the
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interpretations issued by the IFRIC and the SIC endorsed by the European Union
pursuant to Regulation (EC) no. 1606/2002 and in force at the close of 2024
(hereinafter the IFRS-EU”), as well as the provisions of Legislative Decree 38 of
February 28, 2005 and its related implementing measures, as it did the previous
year. The Company’s separate financial statements for 2024 have been prepared
on a going-concern basis. The notes to the separate financial statements give
detailed information on the accounting standards and measurement criteria
adopted, accompanied by an indication of the standards applied for the first time
in 2024, which as indicated in the notes did not have a significant impact in the
year under review;
the separate financial statements for 2024 of the Company underwent the
statutory audit by the audit firm, KPMG SpA which issued an unqualified opinion,
including with regard to the consistency of the Report on Operations and certain
information in the report on corporate governance and ownership structure of the
Company with the financial statements, as well as compliance with the provisions
of law, pursuant to Article 14 of Decree 39/2010 and Article 10 of Regulation (EU)
no. 537/2014. The report of KPMG SpA also includes the declaration provided
pursuant to Article 14, paragraph 2(e-ter), of Decree 39/2010 stating that the
audit firm did not identify any significant errors in the contents of the Report on
Operations;
the Company declares that it has also prepared the consolidated financial
statements of the Enel Group for 2024 as in the previous year on the basis of
international accounting standards (IFRS-EU) and the provisions of Legislative
Decree 38 of February 28, 2005 and its related implementing measures. The 2024
consolidated financial statements of the Enel Group are also prepared on a going-
concern basis. The notes to the consolidated financial statements provide a
detailed discussion of the accounting standards and measurement criteria
adopted, accompanied by an indication of standards applied for the first time in
2024, which did not have a significant impact in the year under review. Note also
that, starting from 2021, in compliance with the provisions of Delegated
Regulation (EU) 2019/815 of December 17, 2018 as amended (the “ESEF
Regulation”), the Company has (i) drawn up its entire Annual Financial Report
(including the separate financial statements and the respective Report on
Operations, the consolidated financial statements and the respective reports on
operations, including the consolidated Sustainability Statement for 2024, and the
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associated certifications pursuant to Article 154-bis, paragraphs 5 and 5-ter, of
the Consolidated Law on Financial Intermediation) in the single electronic
reporting format XHTML (Extensible Hypertext Markup Language), and (ii) marked
up (with specific tags) the schedules of the consolidated financial statements and
the related explanatory notes using the iXBRL markup language (Inline eXtensible
Business Reporting Language), in accordance with the ESEF taxonomy issued
annually by ESMA, in order to facilitate the accessibility, analysis and comparability
of the annual financial reports;
the consolidated financial statements for 2024 of the Enel Group underwent
statutory audit by the audit firm KPMG SpA, which issued an unqualified opinion,
pursuant to Article 14 of Decree 39/2010 and Article 10 of Regulation (EU) no.
537/2014. The report of KPMG SpA also includes:
- a discussion of key aspects of the audit report on the consolidated financial
statements; and
- the declarations provided pursuant to Article 14, paragraph 2(e), (e-bis) and
(e-ter), of Decree 39/2010, concerning, respectively, the consistency of the
Report on Operations and certain information in the report on corporate
governance and ownership structure with the consolidated financial statements,
the compliance of the Report on Operations with the provisions of law, as well
as a statement that the audit firm did not identify any significant errors in the
contents of the Report on Operations.
Under the terms of its engagement, KPMG SpA also issued unqualified opinions on
the financial statements for 2024 of the most significant Italian companies of the
Enel Group. Moreover, during periodic meetings with the representatives of the
audit firm, KPMG SpA, the latter did not raise any issues concerning the reporting
packages of the main foreign companies of the Enel Group, selected by the
auditors on the basis of the work plan established for the auditing of the
consolidated financial statements of the Enel Group, that would have a sufficiently
material impact to be reported in the opinion on those financial statements;
taking due account of the recommendations of the European Securities and Markets
Authority (“ESMA”) issued on January 21, 2013, and most recently supplemented
with the Public Statement of October 24, 2024, to ensure appropriate transparency
concerning the methods used by listed companies in testing goodwill for
impairment, in line with the recommendations contained in the joint Bank of Italy
CONSOB ISVAP document no. 4 of March 3, 2010, and in the light of indications
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of CONSOB in its Communication no. 7780 of January 28, 2016, the compliance of
the impairment testing procedure with the provisions of IAS 36 was expressly
approved by the Board of Directors of the Company, having obtained a favorable
opinion in this regard from the Control and Risk Committee in February 2025, i.e.
prior to the date of approval of the financial statements for 2024;
we examined the Board of Directors’ proposal for the allocation of net profit for
2024 and the distribution of available reserves and have no comments in this
regard;
we monitored, within the scope of our responsibilities, the adequacy of the
organizational structure of the Company (and the Enel Group as a whole),
obtaining information from the competent department heads and in meetings with
the boards of auditors or equivalent bodies of a number of the main Enel Group
companies in Italy and abroad, for the purpose of the reciprocal exchange of
material information. In this respect, in 2024 the Enel Group has adopted an
organizational model, structured into:
(i) four global business lines, which are charged with developing, building,
operating and maintaining assets, conducting trading activities and developing
and managing the portfolio of new products and services (besides the
commodity) in all the geographical areas in which the Group operates. The four
global business lines are: Enel Green Power and Thermal Generation, Global
Energy and Commodity Management & Chief Pricing Officer, Enel Grids and
Innovability, Enel X Global Retail;
(ii) two Countries (Italy and Iberia) and a Region (Rest of the World), which are
charged with achieving economic-financial results, managing relationships with
customers and institutions, sales of electricity, gas and new products and
services at country level, as well as performing staff and service activities in
support of the business lines in the geographical areas in which the Group
operates;
(iii) a global service function (Global Services), which is charged with the integrated
management of all Group activities connected with the development and
governance of digital solutions, purchasing as well as insourcing processes in
collaboration with the People and Organization Function, managing the real
estate portfolio, maximizing its value, and the related general services;
(iv) seven Holding Company Staff Functions, which are charged with the strategic
direction, coordination and control activities of the entire Group, broken down
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as follows: CEO Office and Strategy, Administration, Finance and Control,
People and Organization, External Relations, Legal, Corporate, Regulatory and
Antitrust Affairs, Audit and Security. In particular, the CEO Office and Strategy
Function is charged with providing support to the CEO in defining and directing
the Group’s strategic decisions and defining the medium-long term strategic
positioning for the entire Group, developing strategic scenarios that also
consider the effects of climate change.
We found no issues concerning the adequacy of the organizational system described
above in supporting the strategic development of the Company and the Enel Group
or the consistency of that system with control requirements;
we met with the boards of auditors or equivalent bodies of a number of the Group’s
main companies in Italy and abroad. No material issues emerged from the
exchange of information that would require mention here;
we monitored the independence of the audit firm, also in its capacity as
sustainability auditor, having received today from KPMG SpA specific written
confirmation that they met that requirement (pursuant to the provisions of Article
6, paragraph 2(a), of Regulation (EU) 537/2014) and paragraph 17 of international
standard on auditing (ISA Italia) 260 and having discussed the substance of that
declaration with the audit partner. In this regard, we also monitored as provided
for under Article 19, paragraph 1(e), of Decree 39/2010 the nature and the scale
of non-audit services provided to the Company and other Enel Group companies
by KPMG SpA and the entities belonging to its network. The fees due to KPMG SpA
and the entities belonging to its network are reported in the notes to the separate
financial statements of the Company. Following our examinations and in
accordance with applicable legislation, the Board of Statutory Auditors found no
critical issues concerning the independence of KPMG SpA.
We held periodic meetings with the representatives of the audit firm, pursuant to
Article 150, paragraph 3, of the Consolidated Law on Financial Intermediation, and
no material issues emerged that would require mention in this report.
With specific regard to the provisions of Article 11 of Regulation (EU) 537/2014,
KPMG SpA today provided the Board of Statutory Auditors with the “additional
report” for 2024 on the results of the statutory audit carried out, which indicates
no significant difficulties encountered during the audit or any significant
shortcomings in the internal control system for financial reporting or the Enel
accounting system that would raise issues requiring mention in the opinion on the
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separate and consolidated financial statements. The Board of Statutory Auditors
will transmit that report to the Board of Directors promptly, accompanied by any
comments it may have, in accordance with Article 19, paragraph 1(a), of Decree
39/2010. As at the date of this report, the audit firm also reported that it did not
prepare any management letter for 2024;
we monitored the financial and non-financial reporting processes, the
appropriateness of the administrative and accounting system and its reliability in
representing operational events, as well as compliance with the principles of sound
administration in the performance of the Company’s business and we have no
comments in that regard. We conducted our checks by obtaining information from
the head of the Administration, Finance and Control department (taking due
account of the head’s role as the officer responsible for the preparation of the
Company’s financial reports), examining Company documentation and analyzing
the findings of the examinations performed by KPMG SpA. The Chief Executive
Officer and the officer responsible for the preparation of the financial reports of
Enel issued a statement (regarding the Company’s 2024 separate financial
statements) certifying (i) the appropriateness with respect to the characteristics
of the Company and the effective adoption of the administrative and accounting
procedures used in the preparation of the financial statements; (ii) the compliance
of the content of the financial reports with international accounting standards
IFRS-EU; (iii) the correspondence of the financial statements with the information
in the books and other accounting records and their ability to provide a true and
fair representation of the performance and financial position of the Company; and
(iv) that the Report on Operations accompanying the financial statements contains
a reliable analysis of operations and performance, as well as the situation of the
issuer, together with a description of the main risks and uncertainties to which it
is exposed. The statement also affirmed that the appropriateness of the
administrative and accounting procedures used in the preparation of the separate
financial statements of the Company had been verified in an assessment of the
internal control system for financial reporting (supported by the findings of the
independent testing performed by a qualified external advisor) and that the
assessment of the internal control system did not identify any material issues. An
analogous statement was prepared for the consolidated financial statements for
2024 of the Enel Group. The Chief Executive Officer and the officer in charge of
Enel’s financial reporting have also certified with a specific declaration that the
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consolidated Sustainability Statement, included in the Report on Operations of the
2024 consolidated financial statements of the Enel Group, has been prepared in
compliance with the European Sustainability Reporting Standards (ESRS) and
the provisions of Article 8, paragraph 4, of Regulation (EU) 2020/852 on the
taxonomy of environmentally sustainable economic activities (hereinafter
“Taxonomy Regulation”);
we monitored the adequacy and effectiveness of the internal control system,
primarily through systematic participation of the head of the Audit department of
the Company in the meetings of the Board of Statutory Auditors and attending all
the meetings of the Control and Risk Committee in almost all cases held in a
joint session as well as through periodic meetings with the body charged with
overseeing the operation of and compliance with the organizational and
management model adopted by the Company pursuant to Legislative Decree
231/2001. In the light of our examination and in the absence of significant issues,
there are no reasons to doubt the adequacy and effectiveness of the internal
control and risk management system. In February 2025, the Board of Directors of
the Company expressed an analogous assessment of the situation and also noted,
in November 2024, that the main risks associated with the strategic targets set
out in the 2025-2027 Business Plan were compatible with the management of the
Company in a manner consistent with those targets;
in 2024 no petitions were received by the Board of Auditors nor did we receive
any complaints concerning circumstances deemed censurable pursuant to Article
2408 of the Italian Civil Code;
we monitored the effective implementation of the Corporate Governance Code,
verifying the compliance of Enel’s corporate governance arrangements with the
recommendations of the Code. Detailed information on the Company’s corporate
governance system can be found in the report on corporate governance and
ownership structure for 2024;
in July 2024 we adopted specific organizational rules for the Board of Statutory
Auditors, governing its operations, in compliance with the provisions of laws and
regulations, the bylaws, as well as the principles established by the Italian
Corporate Governance Code and the Rules of Conduct of the Board of Statutory
Auditors of listed companies, prepared by the National Council of Chartered
Accountants and Accounting Experts;
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in July 2024 the Board of Statutory Auditors verified that, in evaluating the
independence of non-executive directors, the Board of Directors correctly applied
the assessment criteria specified in the Corporate Governance Code and the
principle of the priority of substance over form that must inform the application of
the Code’s recommendations in general, adopting a transparent procedure, the
details of which are discussed in the report on corporate governance and ownership
structure for 2024. With regard to the so-called “self-assessment” of the
independence of its members, in February 2024 (and most recently in March 2025)
the Board of Statutory Auditors ascertained that all standing statutory auditors met
the relevant requirements set out in the Consolidated Law on Financial
Intermediation and in the Corporate Governance Code;
at the end of 2024 and during the first two months of 2025, the Board of Statutory
Auditors, with the support of an independent advisory firm, conducted a board
review assessing the size, composition and functioning of the Board of Statutory
Auditors, similar to the review conducted for the Board of Directors. This is a best
practice that the Board of Statutory Auditors intended to adopt since 2018, even in
the absence of a specific recommendation of the Corporate Governance Code. The
approach adopted in performing the board review and its findings for 2024 are
described in detail in the report on corporate governance and ownership structure
for 2024. Based on the results of the board review and taking into account the
provisions of its Diversity policy (approved on January 29, 2018), the Board of
Statutory Auditors in view of the end of the office term, scheduled for the
Shareholders Meeting convened to approve the financial statements for the year at
December 31, 2024 has prepared specific Guidelines to shareholders on the
profiles and professional skills and experiences that are deemed more appropriate
to ensure the effective working of the new Board;
during 2024 the Board of Statutory Auditors also participated in an induction
program, characterized by specific studies to update directors and statutory
auditors on climate change, cyber security and innovation. Given the different
timing of the renewal of the Board of Statutory Auditors compared with that of the
Board of Directors, it is recommended that, upon the renewal of the Board of
Statutory Auditors, a specific “onboarding” plan be prepared, aimed at promoting
an in-depth overview of operations and organization of the Enel Group for the
benefit of the new members;
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we monitored the application of the provisions of Legislative Decree 125 of
September 6, 2024, concerning corporate sustainability reporting, pursuant to
Article 10 paragraph 1 of the Decree. In performing that activity, we monitored the
adequacy of the organizational, administrative, reporting and control system
established by the Company in order to enable the accurate representation, within
the corporate Sustainability Statement for 2024, of the information necessary to
understand the Enel Groups impact on sustainability issues, as well as the impact
of sustainability issues on the Groups performance, results and position, and have
no comments in this regard. The audit firm KPMG SpA, in its capacity as auditor of
the consolidated Sustainability Statement of the Enel Group for 2024, has issued,
pursuant to Article 14-bis of Decree 39/2010, a “limited assurance” certification
regarding: (a) the compliance of the consolidated Sustainability Statement at
December 31, 2024 with the reporting standards applied pursuant to Legislative
Decree 125/2024, and (b) the compliance with the disclosure requirements
pursuant to Article 8 of the Taxonomy Regulation;
since the listing of its shares, the Company has adopted specific rules (most recently
amended in September 2018) for the internal management and processing of
confidential information, which also set out the procedures for the disclosure of
documentation and information concerning the Company and the Group, with
specific regard to inside information. Those rules (which can be consulted on the
corporate website) contain specific provisions directed at subsidiaries to enable Enel
to comply with statutory public disclosure requirements, pursuant to Article 114,
paragraph 2, of the Consolidated Law on Financial Intermediation;
in 2002 the Company also adopted (and has subsequently updated, most recently
in April 2025) a Code of Ethics (also available on the corporate website) that
expresses the commitments and ethical responsibilities involved in the conduct of
business, regulating and harmonizing corporate conduct in accordance with
standards of transparency and fairness with respect to all stakeholders;
with regard to the provisions of Legislative Decree 231 of June 8, 2001 which
introduced into Italian law a system of administrative liability for companies for
certain types of offences committed by its directors, managers or employees on
behalf of or to the benefit of the company since July 2002 Enel has adopted a
compliance program consisting of a “general part” and various “special parts”
concerning the different offences specified by Legislative Decree 231/2001 that the
program is intended to prevent. For a description of the manner in which the model
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has been adapted to the characteristics of the various Italian companies of the
Group, as well as a description of the purposes of the “Enel Global Compliance
Program” for the Group’s foreign companies, please see the report on corporate
governance and ownership structure for 2024. The structure that monitors the
operation and compliance with the program and is responsible for updating it is a
collegial body. This body, whose members were most recently appointed in July
2023, is still composed of three external members who jointly have specific
professional expertise on corporate organization matters and corporate criminal
law. The Board of Statutory Auditors received systematic information on the main
activities carried out in 2024 by that body, including in meetings with its members.
Our examination of those activities found no facts or situations that would require
mention in this report;
in 2024 the Board of Statutory Auditors issued a favorable opinion (at the meeting
of February 7, 2024) on the 2024 Audit Plan, in accordance with the provisions of
Recommendation 33, letter c) of the Corporate Governance Code;
a report on the fixed and variable compensation accrued by those who served as
Chairman of the Board of Directors, the Chief Executive Officer/General Manager
and other directors in 2024 for their respective positions and any compensation
instruments awarded to them is contained in the second section of the Report on
Remuneration Policy for 2025 and Remuneration Paid in 2024 referred to in Article
123-ter of the Consolidated Law on Financial Intermediation (for the sake of brevity,
Remuneration Report” hereinafter), approved by the Board of Directors, acting on
a proposal of the Nomination and Compensation Committee on April 3, 2025 which
will be published in compliance with the time limits established by law. The variable
component of these remuneration instruments is linked to predetermined and
measurable performance objectives, significantly linked to a long-term horizon, as
well as consistent with the Group's strategic objectives and inclusive of non-financial
parameters. The proposals to the Board of Directors concerning such forms of
compensation and the determination of the associated parameters were prepared
by the Nomination and Compensation Committee, which is mostly made up of non-
executive independent directors, drawing on the findings of benchmark analyses,
including at the international level, conducted by an independent consulting firm
(the “advisor”). In addition, the second section of the Remuneration Report
contains, in compliance with the applicable CONSOB regulations, specific disclosures
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on the remuneration received in 2024 by the members of the oversight body and
by key management personnel (in aggregate form for the latter).
The Board of Statutory Auditors also supervised the process of preparing the
remuneration policy for 2025 described in full in the first section of the
Remuneration Report, without finding any critical issues. In particular, the oversight
activity examined the consistency of the various measures envisaged by that policy
with (i) the provisions of Directive (EU) 2017/828 as transposed into Italian law,
with (ii) the recommendations of the Italian Corporate Governance Code, as well as
with (iii) the results of the benchmark analysis carried out, including at the
international level, by an independent consulting firm that the Nomination and
Compensation Committee elected to engage;
during the preparation of the remuneration policy for 2025, the Board of Statutory
Auditors taking account of the recommendations in this regard by the Corporate
Governance Code asked the independent consulting firm to conduct an additional
benchmark analysis to ascertain the adequacy of the remuneration paid to the
members of the oversight body. This analysis was performed by the advisor with
reference to two benchmarks:
- as a benchmark external to Enel, the remuneration of the boards of statutory
auditors reported in the documentation published on the occasion of 2024
Shareholders’ Meetings by issuers belonging to a peer group composed of
companies belonging to the FTSE MIB index
1
with a similarly complex business,
size, market competitiveness and ownership structure to Enel;
- as a benchmark internal to Enel, the average remuneration paid to the
members of the Board of Directors (excluding the Chairman and the Chief
Executive Officer) in proportion to the number of meetings of the Board of
Directors and the Board Committees of Enel in which they participate.
As regards the external benchmark, the advisor noted that again in 2024 Enel
continues to lie at the extreme upper bound of the peer group by capitalization,
turnover and number of employees.
2
The analysis conducted by the advisor shows
that the remuneration of the members of Enel’s Board of Statutory Auditors is below
(
1
) The peer group consists of the following 18 companies: A2A, Assicurazioni Generali, Banco
BPM, BPER Banca, Eni, Hera, Italgas Leonardo, Mediobanca, Nexi, Pirelli, Poste Italiane,
Prysmian, Saipem, Snam, Telecom Italia, Terna and Unicredit.
(
2
) More specifically, at December 31, 2023 Enel ranks first by capitalization and turnover and
fourth by number of employees, compared with the peer group.
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the benchmark median for the Chairman and substantially in line with the
benchmark median for the other standing Auditors (-17% and -3%, respectively).
As regards the internal benchmark, the advisor conducted a comparison between
the remuneration per meeting paid to the members of the Board of Statutory
Auditors and the average remuneration per meeting paid to the members of the
Board of Directors of the Company (excluding the Chairman and the Chief Executive
Officer), taking into account all meetings in which they respectively participated.
3
This comparison appears even more significant than the external benchmark, since
it refers to the members of a body of the same company in whose activities (both
of the Board of Directors and Board committees) the members of the Board of
Auditors are systematically called to participate in addition to the meetings of the
Board of which they are members.
This analysis found a significant disparity between the remuneration of the members
of the two bodies. In fact, the remuneration per meeting paid to the Chairman of
the Board of Statutory Auditors and to the other standing Auditors is approximately
67% and 71% lower than the average remuneration per meeting paid to non-
executive Directors.
The lower remuneration of the members of the Board of Statutory Auditors
compared to that of non-executive Directors also appears incongruous in light of
the indications provided by CONSOB in Annex 5-bis to the Issuers Regulation
(adopted with resolution 11971 of May 14, 1999), Model 1, paragraph 3 (Plurality
of office calculation model) where the role of Issuer - Member of the internal
control body is assigned a greater weighting (equal to 1) than that of Issuer -
Director without delegated management powers and not an executive committee
member (equal to 0.75).
The Board of Statutory Auditors’ oversight activity in 2024 was carried out in 23
meetings and with participation in the 12 meetings of the Board of Directors and
participation in the annual Shareholders’ Meeting, and, through the chairman or one
or more of its members, in the 15 meetings of the Control and Risk Committee (14
of which were held jointly with the Board of Statutory Auditors), the 11 meetings of
3
Analysis carried out by the advisor taking into account the meetings of Enel’s Board of
Directors, Board Committees and Board of Statutory Auditors held in 2023, that is the last
year for which complete remuneration data was available at the time the analysis was carried
out.
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14
the Nomination and Compensation Committee, the 6 meetings of the Related Parties
Committee and the 7 meetings of the Corporate Governance and Sustainability
Committee. The delegated magistrate of the State Audit Court participated in the
meetings of the Board of Statutory Auditors and those of the Board of Directors.
During the course of this activity and on the basis of information obtained from
KPMG SpA, no omissions, censurable facts, irregularities or other significant
developments were found that would require reporting to the regulatory authorities
or mention in this report.
Based on the oversight activity performed and the information exchanged with the
independent auditors KPMG SpA, we recommend that you approve the Company’s
financial statements for the year ended December 31, 2024 in conformity with the
proposals of the Board of Directors.
Rome, April 15, 2025
The Board of Auditors
____________________
Barbara Tadolini - Chairman
____________________
Luigi Borré Auditor
____________________
Maura Campra Auditor
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1. Report on Operations 2. Corporate governance 3. Separate financial statements 4. Reports
KPMG S.p.A.
Revisione e organizzazione contabile
Via Curtatone, 3
00185 ROMA RM
Telefono +39 06 80961.1
Email it-fmauditaly@kpmg.it
PEC kpmgspa@pec.kpmg.it
Ancona Bari Bergamo
Bologna Bolzano Brescia
Catania Como Firenze Genova
Lecce Milano Napoli Novara
Padova Palermo Parma Perugia
Pescara Roma Torino Treviso
Trieste Varese Verona
KPMG S.p.A.
è una società per azioni
di diritto italiano
e fa parte del network KPMG
di entità indipendenti affiliate a
KPMG International Limited,
società di diritto inglese.
(This independent auditors’ report has been translated into English solely for the convenience of
international readers. Accordingly, only the original Italian version is authoritative.)
Independent auditors report pursuant to article 14 of Legislative
decree no. 39 of 27 January 2010 and article 10 of Regulation (EU)
no. 537 of 16 April 2014
To the shareholders of
Enel S.p.A.
Report on the audit of the separate financial statements
Opinion
We have audited the separate financial statements of Enel S.p.A. (the company), which comprise the
statement of financial position as at 31 December 2024, the income statement and the statements of
comprehensive income, changes in equity and cash flows for the year then ended and notes thereto,
which include material information on the accounting policies.
In our opinion, the separate financial statements give a true and fair view of the financial position of Enel
S.p.A. as at 31 December 2024 and of its financial performance and cash flows for the year then ended
in accordance with the IFRS Accounting Standards issued by the International Accounting Standards
Board and endorsed by the European Union, as well as the Italian regulations implementing article 9 of
Legislative decree no. 38/05.
Basis for opinion
We conducted our audit in accordance with the International Standards on Auditing (ISA Italia). Our
responsibilities under those standards are further described in the Auditors responsibilities for the audit
of the separate financial statementssection of our report. We are independent of the company in
accordance with the ethics and independence rules and standards applicable in Italy to audits of financial
statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide
a basis for our audit opinion.
Key audit matters
There are no key audit matters to report.
Responsibilities of the companys directors and board of statutory auditors (Collegio
Sindacale) for the separate financial statements
The directors are responsible for the preparation of separate financial statements that give a true and fair
view in accordance with the IFRS Accounting Standards issued by the International Accounting
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Enel S.p.A.
Independent auditorsreport
31 December 2024
Standards Board and endorsed by the European Union, as well as the Italian regulations implementing
article 9 of Legislative decree no. 38/05 and, within the terms established by the Italian law, for such
internal control as they determine is necessary to enable the preparation of financial statements that are
free from material misstatement, whether due to fraud or error.
The directors are responsible for assessing the companys ability to continue as a going concern and for
the appropriate use of the going concern basis in the preparation of the separate financial statements
and for the adequacy of the related disclosures. The use of this basis of accounting is appropriate unless
the directors believe that the conditions for liquidating the company or ceasing operations exist, or have
no realistic alternative but to do so.
The Collegio Sindacale is responsible for overseeing, within the terms established by the Italian law, the
companys financial reporting process.
Auditorsresponsibilities for the audit of the separate financial statements
Our objectives are to obtain reasonable assurance about whether the separate financial statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an auditorsreport
that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that
an audit conducted in accordance with ISA Italia will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the
basis of these separate financial statements.
As part of an audit in accordance with ISA Italia, we exercise professional judgement and maintain
professional scepticism throughout the audit. We also:
identify and assess the risks of material misstatement of the separate financial statements, whether
due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting
a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal
control;
obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the companys internal control;
evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the directors;
conclude on the appropriateness of the directorsuse of the going concern basis of accounting and,
based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the companys ability to continue as a going concern. If
we conclude that a material uncertainty exists, we are required to draw attention in our auditors
report to the related disclosures in the separate financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to
the date of our auditorsreport. However, future events or conditions may cause the company to
cease to continue as a going concern;
evaluate the overall presentation, structure and content of the separate financial statements,
including the disclosures, and whether the separate financial statements represent the underlying
transactions and events in a manner that achieves fair presentation.
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Enel S.p.A.
Independent auditorsreport
31 December 2024
We communicate with those charged with governance, identified at the appropriate level required by ISA
Italia, regarding, among other matters, the planned scope and timing of the audit and significant audit
findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with the ethics
and independence rules and standards applicable in Italy and communicate with them all relationships
and other matters that may reasonably be thought to bear on our independence, and where applicable,
the measures taken to eliminate those threats or the safeguards applied.
From the matters communicated with those charged with governance, we determine those matters that
were of most significance in the audit of the separate financial statements of the current year and are,
therefore, the key audit matters. We describe these matters in our auditorsreport.
Other information required by article 10 of Regulation (EU) no. 537/14
On 16 May 2019, the companys shareholders appointed us to perform the statutory audit of its separate
and consolidated financial statements as at and for the years ending from 31 December 2020 to 31
December 2028.
We declare that we did not provide the prohibited non-audit services referred to in article 5.1 of
Regulation (EU) no. 537/14 and that we remained independent of the company in conducting the
statutory audit.
We confirm that the opinion on the separate financial statements expressed herein is consistent with the
additional report to the Collegio Sindacale, in its capacity as audit committee, prepared in accordance
with article 11 of the Regulation mentioned above.
Report on other legal and regulatory requirements
Opinion on the compliance with the provisions of Commission Delegated Regulation
(EU) 2019/815
The companys directors are responsible for the application of the provisions of Commission Delegated
Regulation (EU) 2019/815 with regard to regulatory technical standards on the specification of a single
electronic reporting format (ESEF) to the separate financial statements at 31 December 2024 to be
included in the annual financial report.
We have performed the procedures required by Standard on Auditing (SA Italia) 700B in order to express
an opinion on the compliance of the separate financial statements with Commission Delegated
Regulation (EU) 2019/815.
In our opinion, the separate financial statements at 31 December 2024 have been prepared in XHTML
format in compliance with the provisions of Commission Delegated Regulation (EU) 2019/815.
Opinion and statement pursuant to article 14.2.e)/e-bis)/e-ter) of Legislative decree
no. 39/10 and article 123-bis.4 of Legislative decree no. 58/98
The companys directors are responsible for the preparation of the reports on operations and on
corporate governance and ownership structure at 31 December 2024 and for the consistency of such
reports with the related separate financial statements and their compliance with the applicable law.
We have performed the procedures required by Standard on Auditing (SA Italia) 720B in order to:
express an opinion on the consistency of the report on operations and certain specific information
presented in the report on corporate governance and ownership structure required by article 123-
bis.4 of Legislative decree no. 58/98 with the separate financial statements;
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Enel S.p.A.
Independent auditorsreport
31 December 2024
express an opinion on the consistency of the report on operations and certain specific information
presented in the report on corporate governance and ownership structure required by article 123-
bis.4 of Legislative decree no. 58/98 with the applicable law;
issue a statement of any material misstatements in the report on operations and certain specific
information presented in the report on corporate governance and ownership structure required by
article 123-bis.4 of Legislative decree no. 58/98.
In our opinion, the report on operations and the specific information presented in the report on corporate
governance and ownership structure required by article 123-bis.4 of Legislative decree no. 58/98 are
consistent with the companys separate financial statements at 31 December 2024.
Moreover, in our opinion, the report on operations and the specific information presented in the report on
corporate governance and ownership structure required by article 123-bis.4 of Legislative decree no.
58/98 have been prepared in compliance with the applicable law.
With reference to the above statement required by article 14.2.e-ter) of Legislative decree no. 39/10,
based on our knowledge and understanding of the entity and its environment obtained through our audit,
we have nothing to report.
Rome, 15 April 2025
KPMG S.p.A.
(signed on the original)
Davide Utili
Director of Audit
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1. Report on Operations 2. Corporate governance 3. Separate financial statements 4. Reports
Notice of ordinary
Shareholders’ Meeting
An ordinary and extraordinary Shareholders’ Meeting is convened, on single call, on May 22, 2025, at 2:00 pm, in
Rome, at Via Dalmazia, no. 15, in order to discuss and resolve on the following
AGENDA
Ordinary part
1. Financial statements as of December 31, 2024. Reports of the Board of Directors, of the Board of Statutory Au-
ditors and of the External Audit Firm. Related resolutions. Presentation of the consolidated financial statements
for the year ended on December 31, 2024 including the consolidated Sustainability Statement related to the
financial year 2024.
2. Allocation of the annual net income and distribution of available reserves.
3. Authorization for the acquisition and the disposal of treasury shares, subject to the revocation of the authoriza-
tion granted by the ordinary Shareholders’ Meeting held on May 23, 2024. Related and consequent resolutions.
4. Election of the Board of Statutory Auditors.
5. Determination of the remuneration of the regular members of the Board of Statutory Auditors.
6. Long-Term Incentive Plan 2025 reserved to the management of Enel SpA and/or of its subsidiaries pursuant to
Article 2359 of the Italian Civil Code.
7. Report on the remuneration policy and compensations paid:
7. 1 First section: report on the remuneration policy for 2025 (binding resolution);
7. 2 Second section: report on the compensations paid in 2024 (non-binding resolution).
Extraordinary part
1. Amendments to Article 5.1 (deletion of the nominal value of the shares), Article 16.2 (modalities of holding meet-
ings of the Board of Directors by means of telecommunications) and Article 25.4 (modalities of holding meetings
of the Board of Statutory Auditors by means of telecommunications) of the Corporate Bylaws.
2. Cancellation of treasury shares without reduction of share capital and consequent amendment of Article 5 of
the Corporate Bylaws. Related and consequent resolutions.
The Chairman of the Board of Directors
Paolo Scaroni
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Allocation of the annual net income and distribution of available reserves
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REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
Allocation of the annual
net income and distribution
of available reserves
Dear shareholders,
the 2025-2027 Strategic Plan (presented to the fi-
nancial community in November 2024) provides,
with specific regard to the 2024 results, for the pay-
ment to shareholders of a dividend equal to over-
all €0.46 per share, to be paid in two instalments,
through the payment of an interim dividend sched-
uled for January and the payment of the balance of
the dividend scheduled for July.
On November 6, 2024 the Board of Directors has
approved, pursuant to Article 2433-bis of the Italian
Civil Code and Article 26.3 of the Corporate Bylaws,
the distribution of an interim dividend for the finan-
cial year 2024 amounting to €0.215 per share, that
has been paid, gross of any withholding tax, from
January 22, 2025. The 12,079,670 treasury shares
held by the Company as of January 21, 2025 (i.e. at
the record date) did not participate in the distribu-
tion of such interim dividend. Therefore, the interim
dividend for the financial year 2024 actually paid to
shareholders amounted to €2,183,239,059.34, while
an amount of €2,597,129.05 was earmarked for the
reserve named “retained earnings” in consideration
of the number of treasury shares held by Enel SpA at
the record date indicated above.
Taking into account the Enel Group’s results, the
Board of Directors proposes the payment of a to-
tal dividend for the entire financial year 2024 of
€0.47 per share, involving – in consideration of the
amount of the interim dividend already paid – the
distribution of a balance of the dividend amounting
to €0.255 per share (for an overall maximum amount
approximately equal to €2,593 million, as specified
below), to be paid in July 2025.
Also taking into consideration that Enel SpA net in-
come for the financial year 2024 amounts approxi-
mately to €2,598 million, a portion of the available
reserve named “retained earnings” (amounting, in
the aggregate as of December 31, 2024, approxi-
mately to €6,995 million) is expected to be ear-
marked, also as balance of the dividend, for distri-
bution to shareholders.
It should also be noted that, starting from 2020 fi-
nancial year, the Board of Directors authorized the
issue by the Company of non-convertible subor-
dinated hybrid bonds with a so-called “perpetual”
duration. Under IAS/IFRS international accounting
standards, such bonds are accounted for as equity
instruments and the related interests shall be ac-
counted for as an adjustment to shareholders’ equi-
ty at the same time the payment obligation arises. In
this respect, in 2024 financial year Enel SpA has paid
to the holders of these bonds an overall amount of
€246,412,117.24.
In light of the above, and considering that the legal
reserve is already equal to the maximum amount of
one-fifth of the share capital (as provided for by Ar-
ticle 2430, paragraph 1, of the Italian Civil Code), we
therefore submit for your approval the following
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1. Report on Operations 2. Corporate governance 3. Separate financial statements 4. Reports
Agenda
The Shareholders’ Meeting of Enel SpA, having examined the explanatory report of the Board of Directors,
resolves
1. to earmark the net income of Enel SpA for the year
2024, amounting to €2,597,975,581.25, as follows:
(i) for distribution to shareholders:
€0.215 for each of the 10,154,600,276 ordinary
shares in circulation on the ex-dividend date
(considering the 12,079,670 treasury shares
held by the Company at the “record date” indi-
cated under this specific bullet point), to cov-
er the interim dividend payable from January
22, 2025, with the ex-dividend date of coupon
no. 41 having fallen on January 20, 2025 and
the “record date” (i.e. the date of the title to
the payment of the dividend, pursuant to Ar-
ticle 83-terdecies of the Legislative Decree
58 of February 24, 1998 and to Article 2.6.6,
paragraph 2, of the Market Rules organized
and managed by Borsa Italiana SpA) falling
on January 21, 2025, for an overall amount of
€2,183,239,059.34;
€0.016 for each of the 10,166,679,946 ordinary
shares in circulation on the ex-dividend date
of July 21, 2025 (net of the treasury shares that
will be held by Enel SpA at the “record date”
indicated under point 3 of this resolution), as
the balance of the dividend, for an overall max-
imum amount of €162,666,879.14;
(ii) for the reserve named “retained earnings”, an
overall amount of €246,412,117.24, to cover
the amounts paid in 2024, at the maturity of
the respective coupons, to the holders of the
non-convertible subordinated hybrid bonds with
a so-called “perpetual” duration issued by Enel
SpA;
(iii) for the reserve named “retained earnings” the
remaining part of the net income, for an overall
minimum amount of €5,657,525.53, which might
increase consistently with the balance of the
dividend not paid due to the number of treasury
shares that will be held by Enel SpA at the “re-
cord date” indicated under point 3 of this reso-
lution;
2. to also earmark for distribution to the sharehold-
ers, again as the balance of the dividend, a portion
of the available reserve named “retained earnings
set aside in the financial statements of Enel SpA
(amounting overall as of December 31, 2024, to
€6,995,391,683.56), in the amount of €0.239 for
each of the 10,166,679,946 ordinary shares in cir-
culation on the “ex-dividend” date of July 21, 2025
(net of the treasury shares that will be held by Enel
SpA at the “record date” indicated under point 3
of this resolution), for a maximum total amount of
€2,429,836,507.09;
3. to pay, before withholding tax, if any, the overall
balance of the dividend of €0.255 per ordinary
share (of which €0.016 as a distribution of a por-
tion of the remaining net income for the financial
year 2024 and €0.239 as a partial distribution of
the available reserve named “retained earnings”) –
net of the treasury shares that will be held by Enel
SpA at the “record date” indicated here below – as
from July 23, 2025, with the ex-dividend date of
coupon no. 42 falling on July 21, 2025 and the “re-
cord date” (i.e. the date of the title to the payment
of the dividend, pursuant to Article 83-terdecies
of the Legislative Decree 58 of February 24, 1998
and to Article 2.6.6, paragraph 2, of the Market
Rules organized and managed by Borsa Italiana
SpA) falling on July 22, 2025.
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Concept design and realization
Mercurio GP
Copy editing
postScriptum di Paola Urbani
Publication not for sale
Edited by
Enel Communications
This document is an integral part of the annual financial
report referred to in Article 154-ter, paragraph 1,
of the Consolidated Law on Financial Intermediation
(Legislative Decree 58 of February 24, 1998).
Disclaimer
This Report issued in Italian has been translated into
English solely for the convenience of international reader
Enel
Società per azioni
Registered Office 00198 Rome - Italy
Viale Regina Margherita, 137
Stock Capital Euro 10,166,679,946 fully paid-in
Companies Register of Rome and Tax I.D. 00811720580
R.E.A. of Rome 756032 VAT Code 15844561009
© Enel SpA
00198 Rome, Viale Regina Margherita, 137
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